It’s time for your weekly market update for the San Francisco East Bay Area. This is for Berkeley, Oakland, Piedmont and Lamorinda for the week of June 29th 2022. This is Tanja Odzak with eXp Realty.
Normally when I do my updates I talk about things that I think people would find interesting in the various cities. What is the average sold price for single family homes or for condos? How long does it take for houses to be sold? How many months worth of inventory indicates a buyer’s market or a seller’s market?
But this week I’m going to talk about the trends because trends are very interesting. You know there’s a lot of things that we have been hearing you know that people have been projecting. But now it is definitely showing up in the data.
So I track the data every week. I’m a huge data nerd. I love I love data. It’s just raw data. It’s still really fascinating and sometimes you know when something appears once you know that doesn’t necessarily mean anything. But if it happens two or three times and it starts to show that it’s a trend and that’s what I’m going to be talking about, particularly the trends in inventory. The the inventory generally is still increasing.
Oakland has 426 single family homes in the market right now. That’s the highest that has been all year long. Some of the other East Bay cities when you go a little bit more inland are a little have it flattened out. But some cities are still going up in the number of houses. What I think is really fascinating is when I compare from one month ago to now, the number of homes pending in the city of Oakland has dropped by twenty 3%, that’s a lot. That’s a lot. For months worth of inventory, Oakland has exactly 2 months worth of inventory. It has been over 2 years since the last time Oakland had 2 months worth of inventory.
For the city of Berkeley, compared now to one month ago, the number of homes pending has dropped by 41%. Berkeley also has the highest inventory that it’s been since January of 2022 which is a slow market at 1.8 months worth of inventory.
Lamorinda also has creeped up in months worth of inventory. Usually it’s less than 1 month and in the past 3 weeks, it’s been hovering around a month and a half. So that’s still a dramatic difference. Even in San Francisco that has the highest month’s worth of inventory that has been all year long. So of course what are we seeing? We are seeing more houses on the market than we’ve seen in a while. But also less houses going into contract which makes sense because of that higher interest rate. That the means that there’s less buyers and of the buyers out there, they have more houses to choose from. Therefore, it is still a seller’s market but the market is the friendliest to buyers in a very long time.
And ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay offering you simplified and transparent choices! Tanja Odzak, Our East Bay Home AND eXp Realty and I’m always here to help. Reach out anytime even if you’ve just got questions.
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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