Oakland real estate sales in September were quite strong. If there’s a real estate bubble bursting somewhere, we can’t prove it by our Oakland market numbers. 329 residential units were sold in Oakland in September, and although the total unit volume is somewhat less than last September’s 397 units, homes are selling slightly more quickly than at the same time last year. Average days on market this September is 23 days, as against last September’s 26 days.
The average price of a home sold in Oakland in September, 2005 was $574,932, up 14.3% from last September’s average price. The median price this September was $515,000.
There were 768 residential units in inventory as of 10/14/2005. Based on September’s sales, this represents 2.3 months worth of inventory, significantly less than the 3-4 months that we commonly find in other areas.