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Archive for the ‘Market update’ Category

As agents we are constantly reviewing data and discussing market conditions, and at the end of the year we try to predict the future!

Let’s get as close as possible to that proverbial Crystal Ball!

Pacific Union CEO Mark A. McLaughlin and economists John Burns, Dean Wehrli, and Selma Hepp teamed up to present the third in a series of live economic forecasts.

economic-forecast-video

I’m happy to speak with you regarding your real estate goals in 2017!

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The First Quarter round up!
Q1 2016 click image

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For some uncanny reason the last 2 Oakland homes I lived in are on the market at the same time!

When we sold our home in 2006 we caught the market as it was starting to drop, not catching the highest price but happy we timed it when we did.

Below are charts showing the rise and fall of several east bay neighborhoods from 2005-2015!

If you’ve been waiting to sell the sellers market does not usually last for a very extended period of time!

 

Berkeley home prices have soared to new heights in the last couple of years. Always tight on inventory, prices never dropped as significantly as in some areas.

berkeley historic sales

 

Piedmont prices have risen astronomically, with quality homes, easy commutes and schools ranked top 10 in the nation.

Piedmont historic sales

 

Rockridge homes have increased significantly in value due to proximity to urban amenities and the desire for convenience.  Their fall was less precipitous than in many areas.
Rockrdige historic sales

 

Glenview homes are being sought by buyers priced out of Crocker Highlands.
glenview historic sales

 

Montclair homes rose a little more slowly with many buyers liking the good schools but preferring walkable locations with a more urban vibe.
Montclair historical prices

 

94602 includes The Oakmore, The Laurel and Dimond areas. Many of these homes are selling at record highs with the less pricey areas within 94602 still moving up in value.
Areas below MacArthur took a big hit when prices fell and had more ground to recover.

94602 historic prices

Redwood Heights has been slower to rise in value, despite the well regarded elementary school there is no central destination which drives other neighborhood prices.
redwood heights historic prices

 

Many homes in the 94605 zip code have not overtaken the height of the market but many have fully recovered values.
94605 historic sales

Expect to see the lower end of the market and condos continue to climb in 2015 as buyers are priced out of neighborhoods and compete for the more moderate end of the market.

 

 

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Cash offers and sale data

Cash offers and low inventory are creating a consistent story of heavy competition in all price ranges.

Looking at the chart for this years activity , the number of cash transactions is pretty staggering. This is just the closed deals.

The actual number of cash offers is much higher. Every single county is showing at least 25% cash sales and some are closer to 50%.

No… this is NOT all overseas money! It’s investors, buyers who have sold to buy, those who figure the banks are paying peanuts and have savings, those who’ve been siting on the sidelines, those with great bonuses, the affluent, the relatives who tell their fortunate kids it’s a great time to buy and can help out!

Some buyers pay cash to compete and then refinance to take advantage of the 60 year low rates.

So how does a buyer compete against cash offers?

Their offer has to be even MORE compelling…e.g fewer contingencies and usually … a higher price.
It’s risk versus reward……yes, the seller will kiss the cash offer goodbye, but it had better be worth their while to wait longer and take the risk inherent with any loan.

The combination of low inventory and the competition with cash are pushing prices up at a very steep rate.

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Remember when the stock market crashed and for many months…. years afterwards!… if you were a baby boomer like me you couldn’t even open the retirement account statement…it went unopened into the trash…. better not to know!

Then prices started to move up and you could tentatively peek to see whether you were really going to have to work until you were 80 or 90!

So over to the East Bay real estate market at the start of 2013 and it’s less scary for homeowners to read the numbers! We still have plenty of homeowners who don’t have enough equity to sell, but the good news is that prices are consistently up across ALL price points.

snapshot for link to CC Data archive 4

As agents we’ve been feeling the buzz and seeing the results since the middle of last year, and now it shows in all the data.

Data isn’t everything but it’s one parameter in the market and nice to see more signs of a recovering economy.

Do call if you are interested in an opinion of value in 2013!

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684544-369-???!

Yes it’s December and things are slowing down but our east bay real estate market never really dies… except the way the inventory has been dropping the last couple of years the market is fading away!

From almost 700 homes for sale  in November 2010 (over $400,000 in the 6 cities we cover locally) , to 544 last November and  just 369 this year. It’s easy to see why frustrated buyers roam the Sunday open houses and over 70% of our contracts last month were in competition.

Serious buyers are out looking rain or shine, so let’s hope would be sellers get a jump on the market in January… don’t wait for the other sellers or you’ll be in competiton with more listings!

Click on image to view full-screen

Click on image to view full-screen

CHART ABOVE SHOWS MONTHLY INVENTORY  FOR THE LAST  TWO YEARS

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VIEWS, VIEWS, VIEWS!

Twice a week my colleagues and I confer to see who needs to tour which homes based on the sellers and buyers we are working with. (This is one of the BEST reasons for sellers and buyers to decide early on which agent to work with.) As agents we can’t see everything on the market, so we do prioritize and keep our eyes open particularly for clients who are thinking of making a move.

The best agents, in my opinion, devote a good chunk of every week to touring and keeping up with the newest additions to our inventory. How else can we advise sellers and buyers on the competition and possible value??!

A light hearted game we play when we go out on tour… you have to have fun on the job! …is to come up with the day’s theme. There nearly always is one…. crown molding, fabulous roses, smelly basements, interesting fireplaces, weird floor plans, only cookies to eat (!)…….. and this week we were lucky to have  First Class Views!!

And surely, this is one of the reasons we pay the price to live where we do, and a premium for a house with a view!

When we lived in Hong Kong, I’m pictured here with my oldest son, we felt that view was worth it too!


MARKET UPDATE

Our low listing inventory continues,  appx 30% down from this time last year… Sellers, there are buyers out there!

Click to enlarge image


BROKERS TOUR PICKS!

A super stylish ‘90s home with the absolute best view, (even for doing the dishes!) at 160 Gravatt Drive  The owners added a mini panoramic window to great effect, listed by Kelly Deal of Grubb & Co… who also had real food for us, much appreciated after a marathon tour!

21 Stephens Way, up in the same Claremont Hills area is a one owner home with lots of potential and a super floor plan and some easy garden access. All level living which is a desirable feature in the hills!  Listed by Patricia Swift of Grubb & Co.

And for those who would like to be a wee bit more central and stumble out of bed into a latte…. finally, we have a few new listings in Rockridge and Elmwood!  Some seriously priced semi fixers, a nicely redone couple and a little gem for under $500,000 at 2508 Woolsey, Listed by Daniel Stea of PBG. Now that is a tempting little number for this location…

I’m always happy to answer real estate related questions and appreciate your support through referrals!

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