Now that the Patriots won the Super Bowl and the parades and hoopla are over, it is time for many would be homebuyers to start buckling down and looking at their options for homes in the East Bay. Either relocating from other places around the country to the North Bay Area for jobs or a lifestyle change, buyers are coming into the market and days on the market for homes in Oakland and Berkeley are dipping slightly.
Sellers, according to Berkeley Hills Realty Realtor Krista Miller, are still aware of the high demand and rising prices for homes in good neighborhoods and are pricing their homes accordingly.
“The East Bay is still a hot market and until we are further into the spring selling cycle, sellers can wait to get their price for their home.”
|Berkeley Housing Stats|
|Total Listings||Price Range||Avg. Price||Size Range||Avg. Size||Avg. Price / Sq. Ft.|
Low: 824 sq. ft.
High: 12,000 sq. ft.
|2,485 sq. ft.||$541 per sq. ft.|
According to Trulia, the election combined with the rise in mortgage interest rates, did not hamper the Oakland or Berkeley housing market. From November 2016 until February 1, 2017 prices on single family homes continued their uphill climb. The median price of a three bedroom home in Oakland in November was $689,000. Three months later, the median price jumped 7% to $737,500. In Berkeley, the median price of a three bedroom home in November was $1.2 million and held steady in February at $1,227,500.
Average days on the market continues to fall for Oakland from 90 days in December to 64 in February and in Berkeley days on market hit a yearly high of 61 days on the market and dropped to 40 this month.
“Inventory continues to be tight. This is good news for sellers who are looking for their asking price. I would suggest sellers getting their homes listed within the next few weeks as inventory will most likely rise and prices drop as we head into the spring buying market,” stated Berkeley Hills Realty Broker, Tracy Sichterman.
If you would like to discuss what your home is worth and steps to preparing and listing your home, please contact us today.