Berkeley’s residential home sales for October showed modest appreciation from last year, but days on market are decreasing and inventory remains low — both good signs of a healthy seller’s market. 49 residential units were sold in Berkeley in October, down from last October’s 71 units, but days on market declined from 22 days on average last October to 19 days on market this October.
The average home in Berkeley sold for $799,604 — 9.4% more the average list price of $730,681. This difference (or “swing”) of 9.4% over list price has actually increased since last year’s average value of 8.7%, another sign that Berkeley remains in a full-blown seller’s market. The median sale price in Berkely was $955,000 in August.
Prices have increased moderately from last year. Sale prices are up 4.2%, while cost per square foot is up 8.1%.
Inventory is fairly low even by Bay Area standards at 2.3 months.