In a very recent survey by DataQuick, it was revealed that current 2014 home prices in most cities in the East Bay were trending upwards compared to the same point in time in 2013.

While there are many causes, many of them seasonal, and some reflecting both national and local financial issues, there is no doubt that there has been a change.  Most real estate professionals have seen it as well.  Homes that have been placed on the market at a competitive price, have been receiving many, many offers, and the final sales prices have been driven upwards as a result.

There one major reason for this change, and that is the dramatic lack of housing stock.  There simply are not enough homes on the market to accommodate this season's home buyers.  Many buyers have already started the traditional home buying season aware of the limited selections available to them.

Here are some examples by city and zip code to illustrate the trend:

Alameda                94501        Median Price: $732,500      Price Change Since May 2013  +14.3%

Oakland                 94602        Median Price: $629,000      Price Change Since May 2013: +25.8%

                             94610        Median Price: $905,000      Price Change Since May 2013: +29.3%

                             94618        Median Price: $1,075,000   Price Change Since May 2013: +20.8%

Piedmont               94611        Median Price:  $1,015,000   Price Change Since May 2013: +19.4%

So what does this mean for the current buyers and sellers in this marketplace?  For buyers, it means that you need a well informed, proactive agent to use his local expertise to locate the best home for your needs, and to employ top negotiating skills to get the best price possible.  My many years in the Oakland, Piedmont and Alameda housing marketplaces will assure you that choosing me as your buyer's agent will be your very best choice.

For sellers, this would be one of the best times to place your home on the market.  With my award winning history of home sales throughout the Bay area, I have many past and present clients, and fellow agents, as a huge resource to help me locate the ideal candidate to buy your home.

I look forward to hearing from you. 









Posted by Bruce Wagg on


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