If you are buying or sellilng a home in Berkeley in the 94702 zip code you'll want to read these charts . The median price of homes in the 94702 zip code declined by 7% over the past two years. At the same time we are seeing a much smaller amount of time on the market and a lesser amount of inventory. Don't be surprised if prices begin to rise.
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In the 94702 zip code this week we saw relatively little price change from
last week. However, we continue to demonstrate a nice up trend
in general over the last several weeks.
In terms of supply and demand, the market is getting cooler - more
supply is coming on the market relative to the sales demand.
However, in recent weeks prices have been moving higher. Since it is
technically a Buyer's market, this price trend may be a result of
improved quality (newer, larger homes) of the homes being listed.
Look at the descriptive statistics where you may notice the homes
being listed are larger and younger than they have been in the past.
Inventory has been decreasing lately but the Market Action Index is