Turning now to Berkley’s numbers for March, for the third or fourth month in a row now, Berkley’s strong sales in comparison to other markets continues to stand out. Thirty-one residential listings sold through the MLS in Berkeley in March, down less than 12% from last year’s sales volume of 35 units. (In other markets, it’s not uncommon to see sales volume off by 25 to 35% for resale sales). With only four units expiring, the expired to sold ratio is a mere 13%, which is still a “strong” number even if it does look bad compared to last year’s unheard of 3% (one listing expired to thirty-five sold).
The average home sold in Berkeley in March 2006 for $878,794, fully six percent above the average list price of $829,237. The median sale price was $737,000. Appreciation from last year however was low at only 1.8% appreciation (sold cost per square foot). Median price appreciation fared better at 8.4%. Inventory currently is three months.