May’s residential sales numbers in Oakland show a fairly significant slowing on all fronts from last year. Sales volume by units was down some 24.7%, based on 368 units sold in May of 2005 versus 277 units sold in May of 2006. With expireds being up from 28 to 83 at the same time, the ratio of expireds to solds changed from a remarkably low 7.6% last May to 30% this May.
Still, not all was doom and gloom in Oakland in May. Days on market for those homes that did sell were up only slightly, from 21 days last May to 25 this May. And homes are still selling for an average of about 3% over list price, suggesting that there’s still fairly intense competition for the bargains.
Overall, the average home sold in Oakland in May for $623,608 (up only 4.6% from last year). The median sale price of $515,000 was a .4% drop from last year’s median sale price of $517,000.