Thursday, December 3, 2009

South Berkeley Real Estate Market Update: Houses 94703 Zip Code

This chart reflects the Months Supply of Housing Inventory in South Berkeley zip code 94703 from November of 2008 through November of 2009.  The trend line shows a decline throughout the year (54%) and a leveling off during the past two months .  This indicates a scarcity of housing stock in South Berkeley which in a supply and demand economy should put upward pressure on prices and indicate a rise in prices in the months to come.
Click on Chart to Enlarge

Click On Chart to Enlarge

The above chart shows the changes over the past year in For Sale Pices vs Sold Prices in South Berkeley Homes.  While we are seeing a sharp decline as measured from November of 2008.  Beginnng in April of 2009 we are seeing an increase in home prices and in most months the Sold price is higher than the List or For Sale Price.  This indicates that in many instances there are multiple offers on properties which is putting an upward pressure on prices and indicating that the bottom of the South Berkeley Homes market in this zip code (94703) may have been reached last March.

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