This is your weekly market update for the San Francisco East Bay area for Berkeley, Oakland, Piedmont, and Lamorinda. This is Tanja Odzak with Our East Bay Homes.
First off, I kind of wanted to talk about what’s the difference between the number of active homes for sale on the market and the months worth of inventory because in these videos that I do I always talk about. The months worth of inventory is really important to know because a months worth of inventory is how we gauge the activity in the market. So right because it’s like the number of months. If it’s less than six months it says that it’s a seller’s market. While if it’s greater than six months it says that it’s a buyer’s market. Right now, for example, Oakland has almost double the number of homes active homes for sale on the market since we you know since the first week of this year. So we are theoretically at like the highest number of homes for sale on the market, but the months worth of inventory is about the same.
Berkeley is actually over double and you know Piedmont, there are actually a lot of houses are for sale on the market but the months worth of inventory is about the same. That is because a months worth of inventory is a ratio between the active homes for sale on the market and the number of homes that are pending or that are in contract right. So when we contrast those two numbers then it it tells us what’s going on the market right. That’s why then that translates to months worth of inventory. What kind of market it is, what’s happening that kind of thing right? So, with that in mind, all of our numbers are very low like one and a half or less. So, it’s a very strong seller’s market. This is just kind of to give you context of what’s going on in the market. Whether you’re selling, whether you’re buying, it’s going to kind of mean something different for you. If you want to know more about that stuff, call me. We could talk about it. We talk about neighborhood or city or whatever else I didn’t talk about but everything is a strategy. Real doing any sort of real estate or as like I call with my kids, a Real estate is a big chess game. You know, you want to make smart moves, right? There’s no one way to play. There’s no one answer fit all. It’s a very very flexible kind of thing. You need a massage and really strategize what you want to do in order to win.
- Berkeley, 42 active homes for sale on the market right now. There are currently 32 that are pending. That is 1.3 months worth of inventory. Last week, 10 were sold within a median days of market of 12. Sold price was $2,563,000. Condos, there are 9 that are currently on the market. There are 12 that are pending. That is 6/10 of a month worth of inventory. Last week, 2 were sold within a median days of market of 6 and the average sold price for last week was at $904,000.
- For Oakland, there are currently 248 active single family homes for sale on the market right now, 242 are pending. That is 1 month’s worth of inventory. Last week, 36 were sold within a median a market of 13. Average sold price for last week was $1,326,000. For condos, there are currently 137 for sale on the market right now, 99 are pending. That is 1.4 months worth of inventory. Last week and 9 were sold within a median days of market of 15. The average sold price was let’s just say $600,000.
- Piedmont, there are 10 active for sale on the market right now. There are 6 that are pending. That is 1.7 months worth of inventory. Last week, 1 was sold within 11 days for 1,700,000. That seems a really low for Piedmont.
- Lamorinda, there are 34 for sale on the market right now. There are 43 that are pending. That is 8/10 of a month worth of inventory. Last week 13 were sold within a median days of market of 7. Average sold price was $2,865,000. For condos and townhouses, there are 11 on the market. Nine are pending. That’s 1.2 months worth of inventory. Last week 2 were sold within a median days of market of 7. The average sold price was $937, 000.
So it’s all about strategy. Whether you’re a buyer or a seller it’s going to mean something different for you. If there was a city or neighborhood that I didn’t touch on then just reach out to me. You can text me, call me, whatever.
If you have any questions or you want to reach out to me for another area or city or neighborhood, feel free. I am here to help.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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