Oakland’s real estate market roared along in October. Unit volume was off slightly, pushing inventory up, a development that’s hard to understand in terms of the other numbers.
The average single family home in Oakland sold for $625,838 in October, a 20.6% increase over last October’s average sale price $518,752. Cost per square foot increased an even more dramatic 23.7%, from an average of $367 last October to this October’s average of $454.
Last October the average sale price ended up 5.2% higher than list price, and this year that number went even higher, with the average home selling for an incredible 7.9% over the asking price. Moreover, days on market have decreased from last year’s 22 to 20 this year.
The only fly in this otherwise tasty Oakland residential oatmeal is unit volume, which is down compared to last month and last year. 251 units sold in October, as against 369 last year and 340 in September. Because October’s unit volume was off, the inventory figure that relies on this number is also up from September’s 2.3 months worth to this month’s figure of 3.2 months.