While there are many elements that you must consider in deciding to buy or sell an Oakland or Piedmont home, there is one very important element that you will want to consider-the marketplace of  the home. The basic question to ask yourself is " What is the direction of current Bay Area real estate housing sales?" "What is the direction of Northern California housing sales?".

Right now, the direction is "up".  Here are some quick summaries courtesty of the National Association of Realtors' "Median Sales Price of Existing Single Family Homes For the Metropolitan Area" :

1. Median existing single family homes in the Western US rose 4.8% to $299,500 in the 4th quarter of 2014.

2. In the Sacramento/Arden/Roseville area, the median single family home went from $250,400 in the 4th quarter of 2013, to $268,700 in the 4th quarter of 2014, representing a more impressive 7.3% increase.

3. In the San Francisco/Oakland/Fremont marketplace, the median single price family home sold for $674,600 in the 4th Quarter of 2013 to $742,9000 in the 4th Quarter of 2014.  That represents an upward increase in 10.1%.  

So what conclusions can we draw from this? The most obvious is that the real estate marketplace, for now, is steadily improving.  Also obvious, is that there is no way to guarantee that this will continue in the future--economists would love to do that! 

However, what we can see is that this is an excellent time to consider putting your house on the market, if you are a seller.  The competition for some homes in areas where the housing stock is low, as in Piedmont, and parts of Oakland, should make sellers seriously taking the step to sell their home now, if they have been considering doing so.  It should also make buyers, who may have been holding back, to move forward to assure access to homes that are moving in and out of the marketplace quickly.

Whichever situation applies to you, I would welcome the opportunity to discuss your options with you.

Posted by Bruce Wagg on


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