Interestingly, although home prices in the Thousand Oaks neighborhood of Berkeley are typically above those of the Berkeley Hills, in the last six months, they have reversed themselves a bit. Enough so that the average sale price in Thousand Oaks is a bit below that of Berkeley Hills. (Basically Thousand Oaks is the 94707 zip code, Berkeley Hills is the 94708 zip code.)
Specifically, the average home price for Thousand Oaks over the last six months was $762,232 (when you take out a $2.5M sale, which was an aberration). This compares to $795,282 for the same time last year, or a small drop of about 4% for average home prices. Home prices for the Berkeley Hills averaged $786,808 for the last six months, versus $761,554 the same time last year, or a slight bump up of 3.3%. These Berkeley home price stats may also be due to the fact that the number of sales in Thousand Oaks were also down for the last six months, compared to a year ago. Berkeley Hills sales were even.
Looking behind these numbers, rather than fewer Buyers, it actually means fewer Sellers selling... since almost everything listed in Thousand Oaks sells. It’s true, Sellers who have higher priced homes have been holding out in general, waiting and hoping that prices will move higher (which may be a little like waiting for Godot).
Nevertheless, this year, the Berkeley real estate market feels like it’s off to a healthy start. Buyers right now seem to be out in droves with very few homes to view. A case in point: A home I listed at 1061 Cragmont – a fixer --- has over 50 requests for disclosure packets as we speak. (Check it out at www.BarbaraReynolds.com.)
So if you’d like to take advantage of the pre-spring rush market, give me a call at 510-847-2409 and we can develop a strategy.