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.