Berkeley, Oakland Real Estate Market

Below I've gathered information that gives you an overview of the Berkely, Oakland Real Estate Market
Berkeley:

Sold properties Median Price $726k down from $762k in Nov 2008
Sold units 43 up from 25 in Nov 2008
Current for sale properties Median price $699k same in Nov 2008
Units for sale 131 down from 159 in Nov 2008
Months supply of inventory at 1.7 down from 3.3 in Nov 2008
Days on Market at 65 up from 37 in Nov 2008

Oakland:

Sold properties Median Price $254k up from $200k in Nov 2008
Sold units 220 same from 219 in Nov 2008
Current for sale properties Median price $235k from $188k in Nov 2008
Units for sale 870 down from 1934 in Nov 2008
Months supply of inventory at 1.8 down from 6.2 in Nov 2008
Days on Market at 39 down from 61 in Nov 2008
Median price in Nov 2007 was $400k

While we don't know what the future has in store, we can anticipate further bumps on the road to recovery in the Berkeley, Oakland Real Estate Market. The end of the government incentive for first time home buyers (due to expire April 30th), an increase in interest rates (look for the Fed to begin raising rates in March) and inflation are all on the horizon and indicate that many buyers will be losing buying power, and other potential buyers may drop out of the market place altogether as they see their chances of getting what they want diminishing.  Sellers should take heed and think seriously about getting their house on the market before spring arrives when there will be more competition from other sellers and probably a smaller pool of buyers who will be competing on their property.

For more information about buying or selling a home in the East Bay please check out my website: http://www.billfletcherhomes.com/
For a consultation or home valuation feel free to email bill@billfletcherhomes.com or call 510-368-2854 (cell)