Livermore Real Estate - Market Update, June 2006

Buyers in Livermore this June settled on a smaller home than last June, and in the process paid a good deal less. The average home sold in Livermore was 1628 square feet this year as opposed to last year’s 1836 square feet.

With square footage down 11.3%, prices droped 9.8% (average) or 5.1% (median). Based on sold price per square foot, however, prices rose, albeit a modest 1.7%.

The average home in Livermore sold in June for $672,279, or 99% of the average list price of $678,762. The median selling price was $618,000.

The total number of expireds only rose from 14 to 16, and the expired to sold ratio is a very low 13.2%. However, inventory is 4.16 months, so we may see that expired ratio going up in the future.

Fremont Real Estate Market Update

The real estate market in Fremont slowed only slightly from last year compared to the slowdown we’ve seen in other markets.

According to statistics culled from the BayEast MLS (the source of all of our statistics, by the way), the average home in Fremont sold in June for $718,513, just barely below the $719,932 average list price. The median price was $660,000.

What we say about appreciation depends on what number you like, or we could hedge our bets and call it flat. Based on sold price per square foot, the average home sold for 2.68% more than it did last June, however, the median price was down 1.86%. There’s certainly not much difference for those who may have bought at the height of the price curve, banking on appreciation. If that’s what you did, you’ll get it, but I hope you have a lot of patience.

Most metrics show the slowdown to be moderate, as we said before. Unit volume is down 20.2% (as opposed to 25-50% in other areas), and expireds only rose from a total of 31 to 41. The expired to sold ratio is currently at 17%, which is still quite low. Inventory is also low at 2.4 months.

Berkeley Real Estate Market Update

As usual, Berkley’s real estate market in June outshone many of its strong-showing neighbors in Alameda County. Sure, expireds have “doubled” from last year, but when you realize that “doubled” means there were three expireds last year and six last year, and that the overall expired to sold ratio this year is an enviable 8.3%, you begin to appreciate how well this market continues to do in the face of downturns in other areas.

However, there are signs that prices have just about been pushed to their limit. The median sales price was down ever so slightly, from $750,000 last year to $749,000 this year. With a larger home being sold on average in June of this year (1658 square feet compared to last June’s average of 1464 square feet), it looks on the face of it like the average sale price is up. However, on a price per square foot basis, prices have actually dropped 6.28%.

The average home sold in Berkeley in June for $840,000 ($507 per square foot!), or 5% more than the average list price of $798,081. Days on market are up only slightly over last June’s average of 18, to an average this June of 22. Unit volume is down, from 91 units to 72 this June, however inventory remains quite low at two months.

Oakland Real Estate Market, June, 2006

Oakland’s real estate market in June showed some slowing from the same time last year, but the numbers overall were still fairly strong.  Homes in Oakland are still selling for more than list price, however the intensity of the bidding war has slowed.  Last June homes sold for 8% avoe list on average, while this year the figure is 3% above list.

The average home that sold in Oakland in June listed for $620,322, and sold for $641,296.  The median sales price was $550,000.

In terms of appreciation, the average sale price is up 6.38% from last year, with average sold price per square foot quite close to that figure at 6.47%.  The median price increased 7.11% from last year.

Average days on market for homes that sold is actually down from last year — from 26 days last year to 23 days this year.  However, unit volume is down 22%, from 414 units to 322.  The expired to sold ratio is up to 29.5% compared to last year’s figure of 8.9%.