July’s numbers in Oakland have slowed significantly from last year, but there still appears to be strong demand for those homes that buyers consider attractively priced. Even though unit volume sold in July was down 29% from last year (based on 347 units sold through the MLS in July of 2005 versus 247 in July of 2006), the average home that sold in Okland in July still fetched 2% more than the asking price. (Last year, homes fetched 7% more than asking, on average).
The average home that sold in Oakland in July sold for $436 per square foot, up about 1% from last year. The average home listed for $620,729, and the average selling price was $631,257, a 2.6% gain from last year. The median sale price of $533,000, similarly, was up 2.5% from last year.
Expired listings have about trippled from last year’s figure of 40 total expireds in July to 125 this July, bringing the expired to sold ratio up from 11.5% last year to 50.6% this year. Inventory currently stands at 1246 units, or 5 months worth.