In the interest of “Auld Lang Syne,” it’s time for a brief reflection of the year past and an optimistic look forward. 2012 has definitely been a rebound year for East Bay home prices. Actually, a surprising rebound.
Specifically in Berkeley, Oakland and Alameda, home prices for the last three months are all up over 20% from the same period last year! Berkeley is up 23% to a $786K average sold price. Oakland is up 43% to a $475K average sold price. Alameda is up 22% to a $572 average sold price. All areas have sale prices above the asking prices. This rebound is the result of interest rates below 3.5%, close to all-time lows, very few houses available and more Buyers wanting to buy.
The prognosis for East Bay Real Estate for 2013? Interest rates will remain low, according to the Federal Reserve Board. As prices increase, this will spur more Sellers to sell who were either holding back or were underwater. This will increase the number of homes for sale and Buyers will increasingly want to buy so they don’t get left out.
All in all, this points to a healthy real estate market in Berkeley, Oakland and Alameda for the next 12 months … with more properties for sale, fewer insane bidding wars and more homes sold! So now’s the time for your New Year’s resolution of how to take advantage of this healthier market. Just give me a call to work out a strategy for you … whether it’s to buy, sell or invest --(510) 847-2409.
And, most importantly, then drink a cup o’ kindness cheer for days of Auld Lang Syne.
Happy New Year!