The housing market in the East Bay is experiencing a usual Fall slowdown in terms of sales, but prices are still holding strong.
In Berkeley, the price increased 25% year over year for three bedroom homes to $1.2 million according to the monthly Trulia housing market report.
Interesting to note, the median price of a three bedroom home five years ago was $619,000. Two bedroom homes have increased 11.1% to $852,750 an almost 50% increase from five years ago showing that home values are holding strong as we move away from the recession.
According to Altos Research, which tracks real time real estate data, the average days on the market have increased since May, but are hovering at 35 days, which still points to a seller’s market and prices are still on the upswing since January.
The Oakland market is cooling down in terms of homes sold, according to Trulia’s Market Update report. Altos Research shows the average days on the market for homes in Oakland are starting to linger longer on the market in the past 30 days and inventory of homes have increased for most of the year, from 172 in January to 369 properties as of November 7. With more properties on the market selling a little less quickly, sale prices are softening slightly.
In general, the median price of a three bedroom home has increased year over year 8.4% to $689,000 from $635,500 last fall. Five years ago, three bedroom homes in Oakland were selling for just $250,000. For two bedroom homes, the median price is $545,000 which have increased 6.9% over the past year.
El Cerrito has seen a consistent upswing in its median home price to $800,000. For one bedroom homes in El Cerrito, the price increased 38% year over year according to the Trulia Market Report.
Some pundits say that the softening market may be due to global and financial uncertainties. With the election results in, we hope the market can find its balance once again.