East Bay Market Returns to “Sanity”
Back in April-May, our East Bay Real Estate market was verging on insanity. There were relatively few homes for sale and hundreds of thousands of Buyers who had been waiting 4 to 5 years for when it was safe to buy a home. The result was that almost every house that was on the market in Berkeley–Oakland and environs was overbid up to 50% or even more.
But insanity doesn’t last forever. Since July, the East Bay market has started to return to some version of sane. More homes have come on the market and many Buyers have gotten homes. So, while some homes are still getting multiple offers, there usually aren’t as many of them. And, in some areas, homes are having to wait past the 14 days for offers. While this may not be as fun, all in all, it’s a more “normal” market for us, which will make it more possible for more people to buy a home in the East Bay in the long run – and not be scared off.
The good news is that the direction of home prices is still up – just a more gradual up. Since July, for instance, the average home price is Berkeley was $854, 013. That’s about 11% above asking price and, get this… 32% above the same time last year. Oakland shows a similar trend. Since July, the average home price in Oakland was $543,920...or 8% above asking and 31% above same time last year. Alameda's average home price was $660,275...or 6% above asking price and 25% above same time last year.
So for help in winning in this market … whether you are buying or selling … just give me a call: (510) 847-2409.