Real Estate Market - Oakland Condos

August’s condo market in Oakland was something of a numerical mixed bag.  Of course “we all know” (those three little words that signify something coming up that many of us think we know) that the real estate market has cooled significantly from 2004-2005.  And some of the condo numbers support this quite neatly.  The expired to sold ratio, for example, has risen from 3.6% last August to 48.2% this August.  What’s interesting however is that unit volume has remained steady, meaning more units are being offered.  Fifty-six units were sold both this August and last August, with two expiring last August to this August’s twenty-seven.

This August, the median sale price for a Condo in Oakland was $399,000, a 2% increase over last year’s median of $390,950.   At the same time, however, the average sale price dropped 5.5%, from $416,252 last year to $394,669 this year.  Curiously enough, sellers are offering their units at almost exactly the same price this year ($394,732) as they were last year ($394,637), but last year they were getting 5.5% more than list, while this year pretty much they’re getting list price.

The average condo that sold took 37 days to sell in August, as opposed to 24 days last year.

Oakland Condo Inventory Tops Seven Months

Traditional wisdom is that when the market adjusts downward, the first segment of the market to feel the price drops is the condo market. Today I thought it would be illuminating to look at condo sales for July of 2006 in Oakland, to see how much the sales are off. Sure enough, the median sale price is down slighty (2.04%), from last July’s median of $393,000 to this July’s value of $385,000. On a sold price per square foot basis, however, prices are down only by a very slight margin, of .21%.

Meantime, inventory is quite high at 7.6 months, and many of the units that are for sale are expiring. Last July, five units expired versus 52 sold, for an expired to sold ratio of 9.6%. This year the numbers are 22 expireds to 37 solds, putting the ratio at 59.5%.

The average condo that sold through the MLS in July of 2006 listed for $415,837 and sold for $418,795. The median sale price was $385,00.

Concord Real Estate — July 2006 Market Update

Concord’s residential real estate marekt showed some significant slowing from last year in July. Sold units were down some 41%, from 216 sold in July of 2005 to 128 in July 2006. Moreover, units that did sell took “on average exactly” (is that an oxymoron) twice as long to sell, as average days on market rose from fourteen days to twenty-eight. We should point out, however, that twenty-eight days is still not a long time as these things go, so one might say that a well priced house in Concord still moves fairly well.

The average home sold for $535,044 in July, or 99% of the average list price of $538,345. The median sale price was $525,000.

This year’s crop of homes was somewhat larger than last year’s. As a result, the 2.25% increase in the average sale price from July to July can be considered somewhat “nominal”, since the average cost per square foot declined by an almost equal amount, 2.28%, during the same time.

Inventory is getting fairly high by Bay Area standards, at 5.8 months.

Walnut Creek Weirdness

The data for residential real estate sales in Walnut Creek in July 2006 are something of a puzzle.  Inventory is not too bad, at 4.4 months.  Average days on market are up from 12 to 18, but that latter number is hardly the end of the world.

The strangest thing about the numbers is that the average home size for sold homes has shrunk 27%, from 1747 square feet in July of 2005 to 1270 square feet in 2006.  As a result, we’re presented with a situation in which price per square foot has gone up 25%, while the median sale price is down by 14%!

Expireds are not especially high in Walnut Creek, with the expired to sold ratio currently at 27.8%.

The average home that sold in Walnut Creek in July 2006 fetched a hefty $570 per square foot, listing at $730,585 and selling at $723,859.  The median sale price was $672,000.

Hayward Real Estate Market, July 2006

July’s residential sales in Hayward, California has slowed significantly compared to a year ago, according to my most recent look at BayEast MLS statistics.  Ninety-eight units sold in July, down 43% from the 172 units sold last July.  At the same time, the number of listings that expired rose from 12 to 43, bringing the expired to sold ratio up from a meager 7% in July of 2005 to 44% in July of 2006.  Inventory is fairly high at 6.4 months.

The average home sold in Hayward in July for $577,778, a tad more than the average list of $576,247.  The median sale price was $572,000.

In terms of appreciation, this year’s numbers are still up slightly over last year’s. Price per square foot rose 1.9% over the period, while the average price increased 5% and the median increased 4%.

Feeding Frenzy in Fremont

OK, I admit it — sometimes I’m just too impressed by what one can do with aliteration to think things through. When I was a kid the other kids would accuse me of being aliterate. At least I think that’s what they said.

So I’m not sure if there’s really any kind of feeding Frenzy going on in Fremont, but boy it made a good title. Less poetically, one might say that Fremont’s real estate market is down like everyone else, but holding its own considering what other areas are seeing.

Appreciation from last July to this July has been low, with the median sale price up 5.03%, the average up 2.4%, and the sale price per square foot rising a mere 1.8%. And unit volume is way off, down 42% from last year’s 270 units to a total number sold this year of 157. Inventory is somewhat high by bay area standards, at 3.8 months — in other markets this would hardly be considered a disaster.

Strangely enough, however, this year’s expired numbers (26 total, 16.6% expired to sold ratio) are actually better than last year’s (47 total, 17.4% ratio). Perhaps more than anything else this points up how hard-wired the human brain is to expect regularity in the data. Sometimes the data have other ideas.

The average home sold in Fremont in July for $456 per square feet, listing for $698,901 and selling for $696,856. The median sale price was $680,000.

Oakland’s Real Estate Bubble That Wasn’t

OK, I’m as willing as the next guy to admit when the market’s not going well. In fact, I write about it not going well a lot over in the Sacramento area, but I still manage to get some grief about not painting a dark enough picture.

You can’t please a pessimist. I guess that almost falls out by definition.

But look — pessimist, optimist, or whatever, find the bubble in the following chart of real estate prices in Oakland. Can’t do it, can you?

I know, I know, it hasn’t burst yet, right? Yeah, whatever. Maybe the market here’s just doing great!  That straight trendline is what Excel drew, by the way.  Someone call Bill Gates and tell him we’re supposed to be failing here…

July 2006 Berkeley Real Estate Market

Berkeley’s strong numbers for July 2006 continue to amaze me somewhat, but on the face of it appreciation is flat at best.  The expired to sold ratio was only up to 27.9% in Berkeley in July, these are “buyer’s market” sorts of numbers (albeit not as good as last July’s buyers super-market numbers of 9.1%).  Inventory is fairly low at only 2.3 months.

On the appreciation side, homes appreciated less than 1% on a sold price per square foot basis.  This July’s average home measured in at 1800 square feet, a good deal smaller than last year’s average of 2032 square feet — so a bearish market analyst might argue that Berkeley buyers are having to settle for less.  Because of the smaller size, the average price decreased by 10.60%, from an average sale price of of $878,033 last year to this year’s average of $784,973.

Days on market are low — indeed, lower this year than last — at an average of 21 days last June and 19 days this June.

Oakland Real Estate Market, July 2006

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.

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%.

Berkeley Market Update - May 2006

May’s numbers for Berkeley continue to show an area where the normal rules of physics and economics don’t apply.

Hey, what do you want, it’s Berkeley.

Someone forgot to tell the area buyers that we’re in a housing recession or a bubble or some such, because Berkeley buyers purchased 65 residential units this May as against 61 last May — a 6.6% increase. At the same time, fewer homes expired this May (seven) than last (eight), bringing the already healthy 13.1% expired to sold ratio from last year down to a meager 10.8% this year.

Alright, I suppose there are a few signs of slowing. Days on market are up to 20, from 18. And appreciation has just about capped. This May’s median sale price of $730,000, is actually down 3.7% from last May’s $758,000. At the same time, this year’s average of $807,207 is up 2.4% over last year’s average, and the average sold price per square foot is up 6.6% over last year.

Antioch Real Estate - May 2006 Market Update

Antioch’s real estate market took a bit of a nosedive recently, and May’s showing was none too good. Last year two hundred units sold in May, versus 115 this year, a 42.5% decrease. At the same time, the expired to sold ratio has risen to 36.5%, while the available inventory has increased to 7.7 months. Days on market have doubled from last May’s 17 to an average of 34 this year.
Paradoxically, the average home that did sell in Anticoch in May went for slightly more than list price, listing for $523,472 and selling for $525,930. The median sale price was
$510,000.

This is Lucky Post 13 in our Hunger Blogathon.

Union City Market Update

May’s home sales in Union City show a city that has suffered somewhat more than others in the bay area from the recent market slowdown. Inventory is fairly high by local standards at 3.9 months.

Fifty-one units sold in Union City in May, down 31.1% from last year’s figure of 74 units. However, appreciation was fairly good, at 6.3% (sold price per square foot), and 11.3% (median price). The expired to sold ratio is up to 19.6%, compared to 5.4% last May.

This is the seventh post in our so far not overwhelmingly successful Blogathon for Hunger. It’s definitely not too late to get those pledges in, since we have 43 posts to go!

Fremont Market Update - May 2006

Fremont’s real estate market in May defies a neat characterization, but it’s safe to say it’s slowed slightly from last year. Fremont is still showing positive appreciation, however, and not all the numbers are as dramatic as they are in other markets (see our recent report on Oakland, for example).

For example, average days on market are up to 22. By any objective standard, that’s a pretty quick selling time. The news only looks bad when compared to last year’s average for Fremont of 12 days on market. Likewise, homes are still selling for fairly close to list price. With the average list price at $704,754 and the average sale price at $702,717, Excel blithely commits a rounding error and calls that “100%”.

Moreover, few listings expired this year — and the ratio of expireds to solds is only 10.9% compared to last year’s 9%. In an “off market” the number can climb as high as 50% or more.

In addition to surviving the so-called “bubble” fairly well, Fremont sellers are still enjoying some appreciation — albeit fairly modest. The average price appreciated 6.9% in May to May, the median 2.3%, and average sold price per square foot appreciated a more respectable 11.6%.

San Ramon Real Estate Market - May 2006

This is post 12 in our 50-post hunger blogathon. So far I’ve been a bit busy writing — and trying to take care of my real estate clients at the same time — so I haven’t had a lot of time to tell folks about this blogathon.

That’s probably the wrong way to get the word out. I may end up being my only sponsor.

Oh well, at least it’s an excuse to get some good articles published.

Meantime, San Ramon’s real estate market is doing quite well indeed in spite of the slowdown elsewere. Unit volume at seventy-seven sold units in May was comparable to last year’s seventy-nine sold units. With only twelve listings expiriing versus last year’s thirteen, it’s frankly difficult to see how San Ramon’s inventory ever crept up to almost five months, where it stands now.

On the flip side, appreciation was fairly flat in San Ramon over the last year. Adjusted for square footage, prices appreciated only .7% from May to May.

The average home that sold in May of 2006 listed for $891,346 and sold for 98% of list, at 877,324, after 19 days on market. The median sale price was $818,000.

Livermore California Real Estate Market

Livermore’s housing market for May of 2006 showed moderate slowing from last year compared to other areas in the East Bay. The average Livermore home that sold in May was 1705 square feet, listed for $722,305, and sold for 99% of list for an average sale price of $714,364. The median sale price was $622,500.

116 units sold in Livermore in May, practically indistinguishable from last year’s total of 116. At the same time, this year twenty-six units expired versus eight last year, inflating the expired to sold ratio from 7.0% to 22.4%. Average days on market are up to 26 this May, up from an incredibly swift average of 12 days last May. With 413 units active currently, inventory in Livermore is at 3.6 months.

This is Post 5 in our Hunger Blogathon.

Walnut Creek Real Estate Market Update

As part of our Hunger Blogathon (this is Post 14), we may publish an overview of Contra Costa County’s real estate market in a day or two. When we do, Walnut Creek is bound to come out as one of the winners. With fewer expireds this year than last and this year’s expired to sold ratio at only 5.7%, Walnut Creek joins Berkeley as one of our chief “market defying” areas.

Unit sales in Walnut Creek were only down 10.2% this May from last, with eighty-eight units selling in May. The average home sold after 15 days on the market, listed for $763,787 and sold for $755,881. The median sale price was 700,000.

Inventory in Walnut Creek is on the low side of moderate, at 3.4 months.

Brentwood Real Estate Market - May 2006

Brentwood’s market for residential home sales showed substantial slowing in May 2006 from the same time a year ago, along with a price drop, according to MLS statistics. The median home price for May was $604,500, down .1% from last May’s median of $605,000. On a sold price per square foot basis, the drop was 4.5%, from $312 per square foot last May to $298 per square foot this May. The expired to sold ratio was 47.2% this May, and inventory is at 8.1 months.

The average home sold in Brentwood in May for $647,624, or 99% of the average list price of $655,061. Seventy-one units sold, down 24.2% from last May’s sales volume of ninety-five units.

This is Post 16 in our fabulous Blogathon in Support of America’s Second Harvest.

Pittsburg California Real Estate Market

Pittsburg’s Real Estate Market in May showed pretty significant slowing from last year. Average days on market in May increased by 50% over last May, from 14 days to 21. (In fairness to the drama of 50% — 21 days on average is not exactly forever). Meantime, unit volume was cut neatly in half of last year’s numbers — last year eighty-eight units sold in Pittsburg in May, this May the number was fourty-four.

The average home that sold in May in Pittsburg listed for $474,927, and sold for $476,453. The median sale price was $482,500. Sold price per square foot increased 2.2% since last May, from $317 per square foot to $324 per square foot.

Inventory is a very substantial seven months, one of the largest figures we’ve seen for any East Bay community.

This is Post 10 of 50 in our Fabulous East Bay Hunger Blogathon, now underway.

Real Estate Market - Danville, California

Danville put in a strong showing in May, 2006, compared to other markets. Unit volume was down only 10% from last year’s sixty units to fifty-four sold units. At the same time, the number of expireds actually decreased from last year, whereas in most markets it has increased. As a result, the expired to sold ratio went down from 13.3% in May of 2005 to 11.1% in May of 2006. Inventory is about average for the Bay Area at 4.3%.

The average home that sold in Danville listed for $971,503 and sold for 99% of list for $964,300. The median sale price was $935,000.

Appreciation was fairly flat on a sold price per square foot basis, at only .9% over last year. Last May’s average Danville home commanded $448 per square foot; this May’s average was $452 per square foot.

With numbers like these, we suspect that many of you Danville folks are very well fed indeed, so please consider supporting our Hunger Blogathon — and by the way, this is Post 11.

Concord Market Update - May 2006

As in most local real estate markets we’ve examined, Concord’s real estate sales in May were off compared to last year. However, Concord’s showing was pretty typical of the East Bay in general.

Unit volume in May stood at 143 sold units, down 35.3% from last May, but inventory currently is moderate at 4.4 months. The expired to sold ratio increased quite a bit from the inconsequential 3.2% of last May to a still-not-all-that-bad 20.3% this May. Days on market are up, from an average of 12 last May to an average of 26 this May.

Appreciation was fairly flat from year to year. On a sold price per square foot basis, home sale prices appreciated .8%, from $381 per square foot in May 2005 to $384 per square foot in 2006.

In May of 2006, the average home listed for $542,447, and sold slightly higher at $543,042. The median sale price was $548,000.

This is Post 9 in our Blogathon for Hunger.

Blogathon for Hunger Continues - Pleasanton Market Update

Residential sales through the MLS in Pleasanton in May of 2006 were fairly strong, with good appreciation from last year. The average home sold in Pleasanton in May for $926,515, or 98% of the average list price of $943,410. On the face of it, average appreciation looked really great at 15.2%. However, this May’s “average” home was significantly larger than last May’s, and adjusted for square footage the appreciation was a more moderate 5.9%.

Expireds were up slightly, from five last May to fourteen this May, pushing the expired to sold ratio from 5.1% to 17.5%. The latter number is still low, however, and shows that there is still excellent demand. Unit volume was down from last year by 19.2%, less of a decrease than in other markets.

Inventory is currently at 3.7 months.

This is our eighth post of fifty in our Blogaton for Hunger

Alameda Real Estate Market

Readers of the blog will be familiar with the story we have to tell about the real estate market in Alameda — “slowed somewhat, but not bad compared to other areas”.

May’s real estate sales in Alameda were off 15.4% in terms of unit volume from last year, with 55 units selling as against last year’s 65. The average home that sold spent twenty-seven days on market, as compared to sixteen last year. The expired to sold ratio is up, but not alarmingly so, from 4.6% last year to 20% this year. Inventory is fairly low at 2.6 months.

May’s average home sold for $695,011, or 1% over the average list price of $688,891. The median price increased only marginally from May to May, ending up at $665,000, or 1.5% over last year’s median of $655,000. On a sold price per square foot basis, however, appreciation was higher at 6.1%.

This is post 6 of the 50-post blogathon for hunger.

Real Estate Market Update - San Leandro, California

San Leandro’s real estate sales held up extremely well in May of 2006 given the downturn in the real estate market generally. Numbers were off slightly, but one needn’t look hard to find lots of good news as well.

For example, inventory in San Leandro (as of 6/13/06) stands at about 2.3 months, a very low number compared to other areas. Unit volume is down only 16.2% from last year, based on 111 units sold in May of 2005 through the MLS versus 93 units in May of 2006. Days on market are up, but this year’s average of 21 days is not exactly the stuff of disaster movies.

The average home sold in San Leandro in May for $568,502, just slightly above the average list price of $566,026. The median sale price was $569,000, up 7.4% from last May’s median of $530,000. This May’s crop of homes was significantly smaller — 1295 square feet on average — than last May’s average of 1501 square feet..
Expireds are up only slightly, from 10 overall last May to 14 this May, bringing the expired to sold ratio up to 15.1% from 9% last May. Note that 15.1% is still a very “sellers-market” sort of a number. Taken along with inventory, it represents a market that’s thriviing quite nicely in spite of national trends.

Oh, and by the way, blogathon fans, this is Post 3 in the America’s Second Harvest Blogathon. Have you eaten today? I have.

Blogathon for Hunger

Hayward Market Update - May 2006

Our real estate market update for last month for Hayward is entry two in our Blogathon for Hunger. Let’s hope the phones start ringing soon, otherwise I’ll face the dismal prospect that my market updates have failed to capture the dazzling audience I’d hoped for.

Anyhow, on to Hayward. Hayward’s residential real estate sales in May were down somewhat from last year (surprise, surprise), but like much of the Bay area the numbers were not all that bad.

Apprecitation was excellent in Hayward from May to May compared to other areas. Though the median sale price increased only 4.6% and the average only increased 4.2%, the sold cost per square foot increased by 10.5% from May to May. The average home sold in Hayward in May through the MLS for 574,081, 1% more than the average list of $568,011. (You can see some cooling in the “spread” or “swing” — last year the average home sold for fully four per cent more than the list price).

Days on market were up from a mere 14 days last year to a “still not bad” 27 days on average this May. Similarly, the expired to sold ratio rose from 10.7% last May to 27.4% this May, but that’s still not bad by current standards. For comparison purposes, check out the may numbers for this Placer County Community.

Oakland Market Update - May 2006

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.

Berkeley Real Estate Market - April 2006

From writing about the East Bay Real Estate Market over the last several months, one thing that’s become apparent in month after month is that Berkeley’s numbers either show a market very close to the peak, or that they simply defy any kind of gravity whatsoever.

April’s numbers for Berkeley are no exception to this rule. For example, unit volume is up this April, from sixty-one sold units last April to sixty-four this April. That’s not a huge increase, to be sure, but in every other market we look at from Fremont to Pollock Pines the numbers are typically down. Days on market, which are also “supposed to be” increasing as we move more and more into a buyer’s market, are down as well. Last year the average home sold after 21 days on market; this year that figure has been shaved down to 19 days. Moreover, inventory is a flimsy 1.5 months, compared to three months, seven months, and more in other markets.

On the other hand, appreciation has been quite moderate in Berkeley. This year’s median home sale price of $762,500 is up only 1.6% from last year’s figure of $750,000. The appreciation figure for sold price per square foot shows an even more modest increase of .4% — but at a sold price per square foot this year of $527 it’s pretty easy to see why!

This April the average home listed for $797,082 and sold for $833,156, 4.5% over list. That may seem like a lot until you compere it to April of 2005, when homes in Berkeley sold for an incredible 17.6% more than they listed for!

Oakland Market Update - April 2006

April’s sales figures for Oakland California residential real estate were down somewhat from last year’s numbers, but still have many indications of a strong market.

283 residential units sold in April, down 30.7% from the figure of 370 residential units a year ago. Appreciation was 10.5% from year to year on a median price basis, but on a sold price per square foot basis the appreciation was a more modest 3.7%. Days on market are up, but not alarmingly so. Last April the average sold home spent 22 days on the market, while this year the average was 26 days.

Moreover, homes are still selling above listing price. Last year’s average sale price was 8.6% over the asking price, while this year the average home sold for 3.1%.

Inventory is currently at 3.6 months.

Concord Market Update - March 2006

The average home sold in Concord California in March of 2006 for $513,891, or 99.9% of the average list price of $514,230. The median sale price was $530,000. Appreciation from last year was 6.5% on a cost per square foot basis, while the median price appreciated 7.6%.

As in most East Bay markets that we’ve been studying, Concord’s sales have slowed somewhat from last year’s hectic pace, but the numbers are still very good compared to other areas. Unit volume was down in March by some 29%, from 174 units sold at this time last year to 124 in March of this year. Days on market were up, from 13 on average to 23, and the expired to sold ratio was up to 25% from an incredibly thin 2% last year.

Inventory currently stands at about 3.5 months.

Berkeley Market Update - March 2006

Berkeley’s March real estate sales numbers are a study in contradictions. The cost per square foot actually went down a tad, with larger homes selling this March (1668 square feet on average) than last year (1425 square feet). Meanwhile, this March’s median price of $726,000 marked a 1.1% increase from last March’s value of $718,000.

At 19 days on average, days on market are only one day longer than last March’s average of 18 days. Meantime the expired ratio actually went down, from 7% to 6%. Homes are still selling quite briskly, as also evidenced by the fact that the average home sold in Berkeley for 6.1% over list price in March. The average sale price was $877,210, bid up from the average list price of $826,761. Inventory remains quite low at 1.88%.

Antioch Real Estate Market

March’s numbers for Antioch real estate sales show considerable slowing from last year, especially compared to other neighbors in the East Bay. Appreciation from March 2005 to March 2006 was good, with homes appreciating 8.6% on a cost per square foot basis. Days on market, however, have doubled, from 16 days last year to 31 this year. Moreover, unit volume has dropped considerably, from 192 units sold in March of 2005 to 104 units sold this March, a 46% decrease. Inventory is currently fairly high by Bay Area standards, at 5.6 months.
The median sale price in Antioch in March was $505,475. The average home listed for $510,477, and sold for $512,823.

Hayward Real Estate Market Update

Residential real estate sales in Hayward in March showed some slowing from last year’s performance, but the numbers remain fairly encouraging. Average days on market increased from last March’s figure of 13 to 24 days this March — still not a very long time. Unit volume was down, from 154 units last march to 111 this March, a 28% decrease. The expired to sold ratio is still well under 25% at 17%, but admittedly this is an increase over last March’s 4%.

The median sale price in March was $563,000. The average home listed for $560,494, and sold for .3% above list price, for an average sale price of $562,411. Appreciation from last year was strong at 11.3% (on a cost per square foot basis).

Inventory currently is just over three months.

Richmond California Real Estate - Market Update

In March, Richmond sellers still enjoyed offers that were one per cent above asking price. The average home sold through the MLS in Richmond in March for $495,299, more than the $490,316 asking price. The median sale price meantime was $473,750.

Inventory currently is fairly high in RIchmond at 4.1 months. Likewise, the average home now takes longer than 30 days to sell (average days on market for homes sold in March was 35). Expireds are up, with the expired to sold ratio at 38%. Last year at this time 135 units sold, while this March the number was 96, a 29% drop.

Fremont Real Estate - Market Update

The average home sold through the MLS in Fremont California in March of 2006 listed for $692,800, and sold for 99.3% of list, at $688,017. The median sale price was $669,000. Appreciation was 6.6% over last year on a cost per square foot basis.
Although average days on market increased in a fairly dramatic way from 11 days to 23, other indicators were less troubling. Unit volume is down only 25%, from 260 units sold last March to 195 this March, and because the number of expireds actually decreased, the expired to sold ratio has remained steady at a low 8%. Inventory remains low at 1.9 months.

Oakland Real Estate Market

Oakland’s real estate sales in March of 2006 were slowed slightly from last year, but the slowing is less than in other California markets.

The average home sold in Oakland in March for $613,962, or 102.8% of the average list price of $597,270. The median sale price was $530,000. Prices have appreciated 12.6% on average, though on a cost per square foot basis the growth was a more modest 8.6%.

267 residential units sold through the MLS in March, down 21% from last March’s unit volume of 338. Days on market are up only slightly as well, from an average of 23 days last March to an average of 27 this March. There are just over 3 months of inventory at present.

Expireds as a total of expireds and solds are up, from 8% last March to 27% this March. This is a dramatic looking increase, but still well within the “sellers’ market” range.

Contra Costa County Real Estate Inventory

The table below shows current inventory numbers for residential housing in Contra Costa County, based on the unit volume from March’s sales.

February Home Sales Up, NAR Reports

Resale home sales are up slightly in February compared to January’s number, The National Association of Realtors reported yesterday, but are still down slightly from a year ago. In related news, I recently reported on an increase in prices in February in Sacramento County.

The author of NAR’s report quoted an excellent point made by NAR’s president that comparison’s to the hot market we just got through makes almost any performance seem lackluster.

NAR President Thomas M. Stevens from Vienna, Va., says comparisons with market performance over the last five years distort what people should expect from housing as an investment.

As Stevens points out, the ability to leverage one’s money plus the modest increase in prices that homes traditionally experience in a normal market makes home ownership a good investment even in a market that’s only a normal one like the one we’re in now.

Berkeley Real Estate Market

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.

Oakland Real Estate Market

Oakland’s real estate market continued cooling in February, though appreciation over last year’s prices remained strong. Based on MLS residential sales, volume was down some 22% in February. 219 units were sold in February of 2006, as against 171 units this year. Average days on market for sold units was up only slightly, from 28 days last February to 30 days in February of 2006. Inventory, which was at 3.3 months in January, rose to 4.3 months in February.

The average home sold in Oakland for $551,652, or 102.1% of the average list price of $540,170. The median sale price was $499,000, a 10.9% increase over last February’s median sale price of $450,000. On a cost per square foot basis, similarly, the price increase from February to February was 10.4%.

The ratio of expired homes to sold homes was 27/219 last February, or 12%. This February the ratio was 59/171, or 35%.

Oakland Condos Market

The market for condos sold in Oakland in January presents us with some bizarre numbers. This is probably due in part to the fact that few condos sell in any given month even in a good market. Because of the small “sample size”, it’s more likely that we’ll get strange results. The strange result I’m talking about is a larger number of condos being offered. Thirty-six condos sold in January of 2006, a 28.6% increase over the 28 that sold in January of 2005. (You didn’t see that one coming, did you?)

Other than that, the numbers were fairly typical. Cost per square foot rose 4.7% over the period, and days on market are up slightly, from 26 days to 30 days. A more dramatic increase can be seen in the expired to sold ratio, up from last year’s 21% to 56% this year.

January’s average condo price in Oakland was $431,305, or 99.9% of the average list price of $431,635. The median condo sale price was $422,000.

There are about 3.3 months of Oakland condo inventory at present.

California Home Affordability Sinks Further

The percentage of households in California able to afford a median priced California home shrank to fourteen percent, the California Association of Realtors® reported recently.  In Alameda County and Contra Costa County, the “affordability index” stands at 11 and 10, respectively.  Alameda County’s numbers have slipped three points from a year ago, while Contra Costa County’s remain unchanged.

Once again, my own “home county” of Sacramento ranked as more affordable than most areas in California at an index of 19, with only the high desert scoring better at 24.

Real Estate Sales in Hayward Resist Market Pressures

Compared to other real estate markets, the “slowdown” in sales for Hayward, California is relatively mild, based on January’s numbers. Unit volume is down only 16% (from 106 units to 89 units) compared to 25% and more in other areas. Inventory is currently at 3.4 months, and the expired to sold ratio is up to only 28%.

Not only has Hayward avoided some of the more serious downturn of other areas, but appreciation remains fairly strong. The median sale price for residential homes increased 21.8% from January 2005 to January 2006, while the sold cost per square foot rose a respectable 16.9%.

The average home sold in January in Hayward for $594,299, 100.2% of the average list of $593,058. The median sale price was $579,000. The average days on market for sold homes was 30 days.

Oakland Duplex Market Snapshot

Currently there are 100 duplexes on the market in Oakland, at an average list price of $591,156, and a median of $575,000.  Prices range from $339,000 for an 84th St. model listed as “Bring your hammer and build your profit!” to $1,395,950 for a unit with a main home of eight bedrooms and six baths (whew). Most duplexes in Oakland fall in the $400,000 to $700,000 range.
The average duplex available has been on the market for 42 days, and the high is just over 180 days.

Concord California Real Estate - Market Update

In the residential category, homes sold through the MLS in Concord in January of 2006 were off 32% in terms of unit volume from a year ago. In January of 2006, 81 units sold, compared to 118 units in January of 2005. The average days from listing to accepted offer (”Days on Market”) for sold homes has grown during that period from 18 days to 27 days. Also, the number of listings has increased, from eight in January of 2005 to fifty in January of 2006.

Appreciation for the period has been good, with the median sale price increasing 7.4%, but the average cost per square foot increasing 15.6%. This year the median sale price was $526,500. The average sale price was $518,320, or 99.7% of the average list price of $519,838.

Inventory stands at 4.5 months, fairly high by bay area standards but not bad compared to other areas.

Fremont Real Estate Market Update

Fremont experienced good sales numbers for residential housing sales in January, but the market slowed somewhat from last year. 114 residential units sold in January, down 22% from the 146 units sold in January of 2005. The median sales price was $635,000. The average home listed for $659,441, and sold for $648,253, or 98.3% of list.

Appreciation was moderate. On a cost per square foot basis, homes appreciated 7.3% from January to January.

Days on market are up, from 15 days on average last year to 28 days this year, and the expired to sold ratio has also grown, from 10% to 25%. There is currently 3 months of inventory.

Berkeley Real Estate Market Update

In January, Berkeley’s Real Estate market continued the strong showings that it had put in earlier, with just some minor softening visible on the expired to sold ratio. This January, 37 residential units sold in Berkeley, up from 35 a year ago. Meantime, in another sign of a healthy market, average days on market were down, from 41 a year ago to only 37 this year.

The average home that sold in Berkeley in January listed for $770,374 and sold for 99.3% of list, or $764,613. The median sale price was $632,000. On a cost per square foot basis, homes appreciated 6.9% from January to January.

The number of listings expiring is up somewhat, but the total is only now at 27%, which is not a high number compared to other markets. It was a very low 9% last year however, so those of you who are anxious to glean the collapse of western civilization from the fluctuations in real estate activity may want to say it’s increased three-fold. Berkeley’s numbers are still very strong overall..

Oakland California Real Estate Market

Oakland’s January residential real estate sales were among the more sluggish that we’ve seen for the East Bay to date. With inventory at 3.3 months and the expired to sold ratio up to 48%, Oakland’s numbers for January are discouraging enough to feed that vast army of round-soap-thing authors who are ardently awaiting the next train wreck. However, given what I’ve seen about the Bay Area numbers to date, I wouldn’t be surprised myself if February sees us bouncing back.

The average home in Oakland that sold in January listed for $552,553, and sold for $556,560, or 100.9% of list. The median home sale price was $491,000. On a cost per square foot basis, Oakland homes appreciated 16.6% from January of 2005 to January of 2006.

Not only are homes still selling above list, but those of us who are bullish on the East Bay’s real estate market also take comfort in the fact that days on market are down from last year, albeit slightly. Last January the average Oakland home spent 32 days on market before being sold, this year the number is 31 days. Still, unit volume is down, from 226 last year to 192 this year.

I predict that in February we’ll have whittled away some of that 3.3 months of inventory.

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Hayward Real Estate Market Update

Hayward’s residential real estate market in December of 2005 showed some signs of cooling from a year ago, but remained fairly strong nevertheless. The average home in Hayward listed for $564,552 in December, and sold for $566,929, or 100.4% of list. The median sale price was $549,000.

On a sold price per square foot basis, homes appreciated 16.8% from December, 2004 to December, 2005.

Unit volume was down slightly from last year from 161 to 144. Roughly the same number were listed each hyear (171 versus 174) , but the expired to sold ratio was up this year from 6% in December 2004 to 21% in December of 2005. Days on market were also up slightly, from an average of eighteen days last December to an average of twenty-five this December.

Fremont Real Estate Market Update

Fremont’s real estate market in December cooled slightly from last year, but so have markets everywhere. To me, writing about the decline in the Bay Area real estate market is a lot like trying to pick out the ugliest woman at the Miss USA Pageant. Even the bad news looks pretty good.

Specifically, 169 residential units sold in Fremont in December of 2005, down 28.5% from last year’s total of 233. Expireds were up from 17 to 32. This means the ratio of expired to sold was up from 7% to 19%, but 19% is hardly a tragegedy. Similarly, days on market are up from 15 to 24, but 24 is pretty good compared to most markets.

The average home sold through the MLS in Fremont in December listed for $668,634, and sold for $663,718, or 99.3% of list. On a cost per square foot basis, homes appreciated 12.6% from December to December. Inventory is very low at just over two months.

Berkeley Real Estate Market Update

In last month’s look at Berkeley’s November real estate market, we saw how strong Berkeley’s real estate market was, and took the liberty of blaming the vegetarians.

Alright, so maybe that was a tad gratuitous.

Looking at December’s market, however, we see numbers every bit as stunning. So if the hot market really does result from vegetarians laying off their turkeys, that works again for Christmas. Now in January, Berkeley is sporting an unheard of .8 months of inventory (i.e., just over three weeks). Seventy-one units sold in December, which is actually up 18% from last December’s 60 units. (These hardy Berkeley herbivores apparently didn’t get NAR’s memo that resale home volume is supposed to be down 25% this year).

The average home sold in Berkeley in December for $790,497, a tasty 3.6% more than the average list of $762,497. (Real estate “bubble” junkies who might want to insist on finding the storm cloud in front of Berkeley’s silver lining will note that last year Berkely sellers sold their homes for 10% more than list, not a “measely” 3.6%). The median sale price in Berkeley in December, 2005 was $730,000.

Appreciation from last year on a cost per square foot basis was 6.9% from December to December.

Oakland Real Estate Market Update

Happy New Year, everybody!

This is our first real estate market update for 2006, covering the December, 2005 real estate market. Naturally, it’s appropriate to cover the whole year in review, so we’ll be doing that as well for some of our key market areas going forward, but let’s do December for now, and let’s cover (as we mainly do) residential sales as reported in the East Bay MLS.

This December’s numbers are mostly extremely strong, and Oakland’s market is still more of a seller’s market than in other areas. (Many of you know that I also write about Sacramento’s market — see the blog roll for a link). Still, there are some signs of cooling even in Oakland.

The average home listed sold in Oakland in December listed at $600,580, and sold for 2.4% over list at $614,755. The median sale price was $530,000. Selling over list is a good sign of a buyer’s market, but last December homes fetched even more “swing”, selling for 4.3% over list on average.

Overall, homes increased 9.3% in value from last year on a cost-per-square-foot basis. In December 2004, the average list price was $493,088, the average sale price was $514,486, and the median was $430,000.

Oakland sellers still enjoy fairly low inventory at 2.0 months, but the ratio of expired listings to sold listings has gone up, from 19% last year to 42% this year.

Concord Real Estate Market

Concord California put in a strong showing in November in terms of price appreciation. Average sold price per square foot rose an incredible 24.9% from November of 2004’s figure of $321, to November of 2005’s average of $401. The average home sold in Concord in November listed for $555,831 and sold for 99.9% of that figure, with the average sale price being $555,303.

All that good appreciation notwithstanding, however, Concord’s residential real estate inventory is fairly high by Bay Area standards at 3.1 months. Also, the expired to sold ratio in Concord stands at 22.3% — not high in any global sense, but somewhat elevated compared to other local markets. At the same time, days on market are up only slightly from last November’s figure of 14 to an average of 17 days this November.

Union City Real Estate Market

Union City residential real estate sales were off slightly from last year, but sellers saw good appreciation.

The average home sold in Union City through our MLS listed for $624,418, and sold for $628,259, or 100.6% of list. The median sale price was $616,000.

November’s unit volume was 52 homes, as opposed to 71 homes last year, and average days on market are also up, from two weeks last year to three weeks this year. At the same time, however, inventory is low at 2.1 months, and appreciation is strong from last year, with the average cost per square foot going up 17.4% from November to November.

Pleasanton Real Estate Market, November 2005

Pleasanton’s real estate market in November is in many respects a hotter market than last year, yet it defies a simple characterization.

The average Pleasanton homeowner saw their homes appreciate 13.1% (on a price per square foot basis) from last year. This year’s average list price was $988,765, and the average sale price was 99.9% of that, at $988,216. The median sale price was $760,000.

The average time a home spent on market before being sold shrank 17%, from 18 days last year to 15 days this year. Inventory is high by Bay Area standards but much lower than we find in the Central Valley, at 2.5 months. The ratio of expireds to solds has shrunk from 18.3% last year to 12.0% this year. (Lower numbers mean that homes are less likely to expire, i.e., sellers are more successful in getting their homes sold).

Real Estate Market Report, Fremont California

Fremont real estate in November of 2005 was strong overall, but shows more signs of slowing from last year than neighbors to the northwest like Oakland, Alameda, and Berkeley. A total of 157 residential units were sold through the MLS in November, a considerable slowing in unit volume from last November’s 245 units. Inventory remained fairly low however at 2.1 months. Morevover, days on market are still only 21 days — though admittedly that’s a rise from last year’s figure of 17 days on average.

The average home sold in Fremont in November was approximately 1553 square feet and sold for $676,980, or 99.5% of the average list price of $680,224. The median sale price was $640,000.

Appreciation in Fremont was comparable to other areas we’ve considered. Sold price per square foot has risen 13.1% since November of last year, from $388 last year to $436 this year.

Berkeley Real Estate Market Heats Up - Vegetarians Blamed

The real estate market in Berkeley sizzled in November. Don’t these progressive liberals know they’re supposed to be slacking off and eating Turkey in November?

Apparently not. Folks in Berkeley were too busy buying and selling houses.

They must be vegetarians.

The average home in Berkeley sold for an impressive $508 per square foot in November, even though this was a fairly “modest” 5.8% increase over November of 2004. In dollar terms, that works out to an average sale price of $793,235 this year, or 3.6% more than the average list of $757,167. The median sale price was $695,000.

True, unit volume has slipped slightly, from 75 units down to only 70, but two other key indicators show that the market is still quite strong. The expireds to sold ratio (low numbers are good for sellers), has decreased from 10.7% last November to only 5.7% this year. Average days on market are also down, from 26 days last November to 22 days this November.

Like Alameda, then, Berkeley put in an outstanding showing for November sales.

I’m telling you, it’s the vegetarians. As the Daily Californian reported:

The city is a veritable haven for non-meat eaters, from restaurants offering plentiful vegetarian and vegan fare to a vegetarian student cooperative and an intellectual environment that lends itself to discussions about the environment and animal rights.

Animal rights, huh? What about plants, don’t they have rights? You know all these houses you’re buying and selling are made out of trees, and trees are people, too.

Oakland Condos Sold in November

Our co-brokers sold some 48 condos in Oakland in November. Not counting two for which square footage were not available, here’s how they measure up, in brief:

The average condo sold was on the market for 24 days. It was listed at $413,453, and sold for $427,878. The average square footage was 934.

The most inexpensive condo sold in November in Oakland was a 1 bedroom, 592 square foot model on Brookdale Avenue that sold for $275,000, while the most expensive was a fabulous, two story 3-bedroom 2-bath near 51st street, which listed for $790,000 and sold for $862,322 after only eighteen days on the market.

The median condo sale price was 418,000 in November in Oakland.

There are 2.6 months of condos presently in inventory.

Alameda’s Rocking Sellers’ Market

November’s real estate market in Alameda can be characterized as a strong seller’s market. One might call it deliciously strong if you’re a seller, and perniciously strong if you’re a buyer.

Buyers in Alameda in November paid 103.6% of list for their homes, on average. The average that sold in November was listed for $675,920, and sold at $680,920. The median sale price was $678,000.

On a cost per square foot basis, homes fetched 18.4% more this year than last. Last November’s year’s average home was listed for $571,124 and sold for 105.2% of list, at $585,637.

Days on market have decreased slightly over the past year, down to 25 days on average this November from 26 days on avearge last November. Above all, expired listings and inventory have remained delightfully low. Inventory is 1.75 months, and the ratio of expireds to solds is down from last year to a razor thin 3.5% this year (contrast a whopping 48.6% in one market in Placer County, outside of Sacramento).

Oakland Real Estate Market - November 2005

Oakland experienced good sales numbers in November, with shrinking inventory. The median sale price for a residential home sold through the MLS (condo, single family home, town house, or the like), was $545,000. The avearge home sold for $621,478, or 103.6% of the average list price of $599,831.

Homes appreciated some 18.4% from last year, on a cost per square foot basis. Average cost per square foot last year was $346, as against $431 this year.

Residential inventory as we move into December has shrunk, from 3.16 months last month to a more encouraging figure of 2.63 months at present. Although unit volume is off from last year, listings that expire represent a fairly low figure of 20% of the sold volume, so the shrinking inventory is clearly a result of a reasonably good sales volume. The story for days on market is also good, with the average shrinking from last November’s average of 28 to only 21 days on average this year.

Livermore Real Estate Market News

Looking at Livermore’s real estate sales for October, we see a bit of slowing from last year, coupled with some nice fat appreciation numbers. The average sale price is up 121% from October of last year, and even adjusted for square footage, there was still a “real” sold home price increase of 19.5%.

The average Livermore home listed for $684,112 in October, and sold for 98.9% of list, for an average sale price of $676,317. Cost per square foot averaged $417 in October.

Average days on market were up to nineteen from an average of fourteen days last year. (Nineteen is still quite low however — compare for example the data for the Sacramento area real estate market.

Residential unit volume in Livermore has also showed that the market has softened somewhat. Last October, 135 residential units were sold through the MLS, versus 112 this year, a 17% drop.

Martinez Real Estate Market

Real estate sales this October in Martinez California were off fairly substantially compared to the same time last year, but in other respects the Martinez market is doing quite well. Units sold decreased 57%, from 63 units last year to 36 this year. However, days on market only increased by two days, from 15 on average last October to 17 on average this October. Moreover, Martinez homes sold for 100.5% of list price this year, as against an average of “only” 99.7% of list last year. Inventory is currently at 3.7 months.

The average home sold in Martinez in October listed for $561,675 and sold for $564,468. The median sale price in October was $535,00. Cost per squre foot averaged $384 this October, a 14.6% appreciation from last year’s $335 per square foot.

Antioch Real Estate Market

Antioch’s sales this October were fairly slow compared to a year ago. Unit volume was down 38%, from 208 residential units sold through the MLS in October 2004, to 150 units sold this October. Days on market are also up fairly substantially, from 17 last year to 27 this year.

This October, the average home sold for $522,795, or just 7/10 of 1 per cent over the average list of $519,007. The median sale price in October was $510,000.

The good news in Antioch was that the appreciation during this period was very strong. Average cost per square foot increased 20.9%, from an average of $256 in 2004 to an average of $309 in 2005.

You can use our no-registration basic search page to specify your own criteria for the homes in Antioch you’d like to see. Or if you prefer to have all the listings in the east bay as they become available, check out our email update page.

Richmond California Real Estate Market

October’s real estate numbers for Richmond California show only the most minimal slowing from last year, together with good appreciation. The median price of a home sold in Richmond in October was $496,000. The average sale price was $515,374, or 103.4% of the average list price of $498,493. Appreciation from last year on a cost-per-square-foot basis was 12.5%.

Average days on market and unit volume have changed only slightly from last year. Average days on market increased from 26 last year to 27 this year. Meantime, this month’s figure for units sold of 122 is less than five per cent off of last year’s figure of 128. There are 377 units available as of November 16, putting total current inventory at 3.1 months.

If you own a home in Richmond or anywhere in the East Bay, we would be happy to provide you with a free at-home Value Consultation so you’ll get a more precise evaluation of your home’s current market value. Or, to see Richmond homes avaialable now, see our page of Richmond homes for sale.

Newark California Market Update

Real estate sales in Newark California in October of 2005 were marked by very low unit sales volume relative to last year, resulting in high inventories relative to other east bay communities. 18 residential units were sold in October via the MLS in Newark — only 43% of last year’s unit sales volume of 42 units. With 89 units available, Newark’s current unsold inventory stands at 4.9 months

This is one of the largest inventory figures we’ve seen for the Bay Area, though sellers in some parts of California would love to see such a “low” inventory figure. See Sacramento-Home’s report on Cameron Park, for example.

Other than that, numbers were fairly typical. The average home sold in October for $584,888, or 101.6% of the average list price of $584,888. The median sale price in Newark was $582,500. Average home prices rose 20.2% from October of last year to October of this year, while per-square-foot average sale price rose 15.6%. Average days on market have increased from fifteen last year to twenty-one this year.

Pittsburg California Market Update

Pittsburg California home owners saw their home values increase some 23.3% from October of last year to October of this year, according to the cost-per-square-foot statistics available from the MLS for Pittsburg single family residences. Last October the average home sold for $406,967, at a sold price per square foot of $275. This year the sold price per square foot was $339.

This October’s average home sold for $482,967, or 100.9% of the average list of $478,666. The median home sale price was $474,950.

Although days on market are up from last year, from an average of 16 days last October to an average of 21 days this October, unit volume has actually increased, from 65 units last year to 69 units this year. Currently there are 3.4 months worth of homes in inventory.

Remember, average statistics tell the story of homes that sold in general, but your home probably isn’t average. If you’re interested in the value of your Pittsburg home or any home in Alameda or Contra Costa County, be sure to request a free in-home value consultation.

Danville Market Update

Where’s Robin Leach when you need him? Danville California’s “average” home sold for $993,331 in October, a fraction over the average list price of $992,871. The median sale price in Danville was $924,750. On a cost per square foot basis, Danville homes increased 13.1% from October of 2004, when the saverage sale price was $810,364 and the median was $759,000.

Even at these prices, Danville’s market has arguably picked up somewhat, wiht days on market down to 13 from last year’s 17. Unit volume however is off slightly from last year, down from 79 last October to 53 this October. Inventory is 2.8 months.

Brentwood Market Update

October’s real estate market in Brentwood, California was something of a study in contraditions. Days on market were up from last October’s value of 19 to an average of 25 days this October. Also, inventory is fairly high by “Bay Area” standards — though we’ll see how it compares to eastern Contra Costa County as we examine other nearby towns over the next few days. At the same time, however, unit volume was actually up from last year, something we don’t routinely find in this market. Last October 70 residential units were sold in Brentwood, this year the total has increased to 75 units.

The average home in Brentwood that sold in October was some 1950 square feet, and sold for $612,321, or 99.5% of the average list price of $615,693. The median sale price was $595,000. Over the last year, sale price per square foot increased some 15.9% in Brentwood.

Walnut Creek Market Update

Single family residential sales were strong in Walnut Creek in October. Homes are still selling really quickly in Walnut Creek even by Bay Area standards, with the average home selling in 14 days — up only one day over last year. The average home sold for $652,628, or 101.4% of the average list price of $643,889 in October. The median sale price was $574,000.

This year’s average home size of 1357 square feet was a drop from last year’s average of 1567 square feet, skewing the appreciation numbers for average selling price to 3.1%. If we look at cost per square foot for a sold home, in contrast, we get a number more consistent with 2005 trends overall, of 19.3%.

Inventory is higher than in some Bay area markets, but still low at 2.7 months.

Concord California Real Estate Market

October’s real estate sales in Concord were down some 25% on a unit volume basis, from 202 units sold last October to 151 this October. Homes are still selling quickly, with average days on market remaining low at 18 days, though this value is higher than last year’s value of 15 days. Current inventory is 2.4 months worth of homes, based on October’s sales numbers.

The median home sale price in Concord in October was $545,000. The average home sold for 29.1% more than last year, though adjusted for square footage, the increase was 16.2%, which is still a hefty appreciation figure. This year’s average priced home listed for $560,471 and sold for 100.3% of list for an average sale price of $562,407.

Berkeley Real Estate Market Update

Berkeley’s residential home sales for October showed modest appreciation from last year, but days on market are decreasing and inventory remains low — both good signs of a healthy seller’s market. 49 residential units were sold in Berkeley in October, down from last October’s 71 units, but days on market declined from 22 days on average last October to 19 days on market this October.

The average home in Berkeley sold for $799,604 — 9.4% more the average list price of $730,681. This difference (or “swing”) of 9.4% over list price has actually increased since last year’s average value of 8.7%, another sign that Berkeley remains in a full-blown seller’s market. The median sale price in Berkely was $955,000 in August.

Prices have increased moderately from last year. Sale prices are up 4.2%, while cost per square foot is up 8.1%.

Inventory is fairly low even by Bay Area standards at 2.3 months.

Alameda’s Real Estate Market

Residential home sales in Alameda, California put in a strong showing in October. Fifty-six units were sold in October, down somewhat from last year’s 72 units, but average days on market are slightly lower this year last, from 22 days on average down to twenty.

The average home sold in Alameda for $686,223, or 102.1% of the average list price of $671,872. The median sale price was $687,498. Last October’s average sale price was $575,951, so homes have appreciated 19.1%. However, since this year’s homes were slightly larger overall, the appreciation adjusted for square footage was 15.1%.

With continued brisk sales in October, inventory remains just under two months worth.

Hayward Real Estate Market Update

October’s residential real estate sales in Hayward were brisk, with enough sales to keep inventory to a low 2.2 months. 137 units were sold in Hayward in October, down from last October’s unit volume of 180 homes. The average home sold in Hayward listed for $579,354, and sold for a seller-friendly 101.3% of list, for an average sale price of $586,791. The median sale price in October was $570,000.

Price appreciation looks fairly huge at 27% over the October to October time frame, but when adjusted for square footage the number for appreciation is a still-respectable 18.9%. Days on market are up slightly, from 18 days on average last year to 23 days on market this year.

Fremont Real Estate Market

October’s real estate sales in Fremont were down from the same time last year, but inventory remains low at 2 months worth. The average home in Fremont listed in the MLS for 676,166, and sold for slightly more than list, at an average sale price of $677,573. Days on market were unchanged from last October, at an average of 17 days.

Price appreciation was strong from last year. The average home sold last year for $567,939, so the October to October average price increase was 19.3%, or 22.4% when adjusted for square footage.

Oakland Real Estate Market Update

Oakland’s real estate market roared along in October. Unit volume was off slightly, pushing inventory up, a development that’s hard to understand in terms of the other numbers.

The average single family home in Oakland sold for $625,838 in October, a 20.6% increase over last October’s average sale price $518,752. Cost per square foot increased an even more dramatic 23.7%, from an average of $367 last October to this October’s average of $454.

Last October the average sale price ended up 5.2% higher than list price, and this year that number went even higher, with the average home selling for an incredible 7.9% over the asking price. Moreover, days on market have decreased from last year’s 22 to 20 this year.

The only fly in this otherwise tasty Oakland residential oatmeal is unit volume, which is down compared to last month and last year. 251 units sold in October, as against 369 last year and 340 in September. Because October’s unit volume was off, the inventory figure that relies on this number is also up from September’s 2.3 months worth to this month’s figure of 3.2 months.

Oakland Real Estate Average Prices

The table below shows the average prices for a single family residential home in Oakland California for October, 2005. This is based on MLS data for single family residential homes of all types (including detached, condos, etc.) for October, broken down by zip code. We’ve also included the appreciation in the average price since the same time last year.