The 2012 home buying season in Berkeley/Oakland has started off with a bang... as in on your marks, get set, GO!
There are more Buyers ready to buy. And more Buyers offering on the same house ... as in “Multiple Offers.” While a lot of real estate agents are bemoaning the lack of “inventory” or homes for sale, there actually have been more homes sold or go into contract in both Berkeley and Oakland since the first of this year – compared to last year.
Fortunately for Sellers, more active Buyers translates into a turnaround in prices compared to last year. A quick look at Berkeley home sale stats, for instance, shows the average sale price in Berkeley to be $635,066, or 4.5% above the asking price. Compare this to last year – when the sold price was $620,988, or slightly under the asking price.
Average Oakland sale prices are up slightly over the same period last year ($312,710 versus $305,169). Sale prices are just slightly below (less than 1%) the asking prices. If anything, this shows a stabilizing housing market for Oakland.
So hallelujah! The tide has turned. Spring has indeed begun.
The photo above is of a listing of mine in Berkeley that just recently got five offers and went a fair amount over asking!
To check out my other listings or homes for sale, go to www.BarbaraReynolds.com.