If you are considering buying or selling an Oakland home or other Alameda county home soon, you might want to consider the conclusions arrived at by an analysis of MLS data done by the research division of Better Homes and Gardens Mason-McDuffie Real Estate. They concluded "a continued shortage of homes for sale combined with a strong demand to drive the median price of a home sharply higher in all 15 Alameda County communities in the second quarter of 2013."Â
By way of illustration, with regard to individual homes, or "unit sales", in Alameda County, In 2013, the 2nd quarter median sales price of an existing single family detached home was $593,586 which was up 23 % from $480,812 in the 1st quarter, but more impressively, up 36% from the 2nd quarter sales of 2012. That is a significant jump. Add to this, that for the second consecutive quarter, according to the report  "all 15 communities in Alameda county have recorded increases in the median price of a home sold on both a quarterly and annualized basis", and you come away with the realization that there is a serious demand for homes by county buyers.Â
What does that mean to you? Suppose that you are interested in the Oakland home market. Above you saw the the county wide situation. However,  a review of Oakland homes shows a truly dramatic change. The researchers found that in the 2nd quarter of 2013, the Oakland median sales price has reached and amazing $485,000, which is an 47% higher than the 1st quarter of this year, and up 73% from last year's second quarter when it was just $280,000! To reinforce the high demand, the average Days on the Market for Oakland homes was 26 days in the 2nd quarter of 2013, compared to 45 days last year this time.Â
So much of these financial facts are tied to available home inventory. Because inventory has been very tight, homes have sold quickly. In the second quarter of 2013, only 1016 single family detached homes were available for buyers. That is down 33% from a year ago when there were 1618 homes on the market.Â
So, with all of these facts and figures in the mix, it becomes very important to both buyers and sellers to know exactly what is going on up to the moment. I am looking forward to help you take the most intellingent steps forward in these exciting times. Please contact me for the very latest facts.Â
Posted by Bruce Wagg on
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