Patrick Carlisle, Chief Market Analyst for Compass in the San Francisco Bay Area recently released a report on the luxury markets across the Bay Area. What constitutes a “luxury” home is often a matter of opinion, and home values are determined by an enormous range of factors. In Contra Costa County, luxury is typically defined as $3 million to $5 million, and ultra-luxury $5 million+. According to Patrick, “These generalities are required for broad statistical analysis: values vary enormously within individual counties, and some of the more “affordable” counties contain very expensive submarkets such as Lamorinda.”  

Carlise continued, “Listing and sales activity in the luxury market typically climbs rapidly through spring, slows in summer, spikes back up in fall, and then plunges for the mid-winter holidays. So far in spring 2024, the Bay Area has been seeing its strongest luxury home market since spring 2022, the very heated end of the pandemic boom. Still, luxury market indicators are generally cooler, and sometimes much cooler, than more affordable segments – though, this is not unusual by long-term standards. Market dynamics, trends, values, and property characteristics vary between counties and between submarkets within counties, but correct pricing, preparation, marketing, and pristine, updated, move-in condition is almost always critical to buyer response in the luxury market. 

The Bay Area is second to NYC in the number of millionaires at over 305,000 with an increase of 82% over last year. The Bay Area leads the world in its number of billionaires in residence, with 68. Contra Costa saw the highest number of luxury sales in the last 12 months, with the second and third highest sale prices happening in Lamorinda.” 

We are proud to service all price points in Lamorinda representing an even mix of buyers and sellers. We are here to answer your questions!