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Hot Spring Market in the San Francisco East Bay: New Records Being Set
Sellers are benefiting from a perfect storm of economic factors right now. Increased confidence, low interest rates and historically low inventory are driving prices on some of the early spring offerings very substantially over list, to some truly staggering prices. We started with high prices in 2012, and prices have jumped higher and more steeply this first quarter.
New records for lowest amount of inventory. We currently have in our six-city local region (Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont) enough inventory to last only two weeks! Oakland just lead the nation in the steepest decline in inventory from this time last year: an 84% drop! That's right: we thought we had low inventory in Oakland last year, and this year we have 16% of that low number! The number of sales in Berkeley, for example, is down 32% from a year ago.
What most people want to know is are we back to peak prices of 2006-2007? I believe some individual homes are at those levels, and some have exceeded them. Those tend to be properties that are fully updated, and near amenities.  The desire for a high Walkscore, meaning very near transportation and urban services, especially coffee, is very high indeed. Prices, on average, ... more

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