Oakland CA real estate market report shows that in the last three years, the number of foreclosures increased.
Since everyone interprets information in different ways, it seems easier to paint a picture. These charts are from a macro level, i.e. they represent the movement among resale (not new) and detached single family homes in all zip codes, in all sizes.
Sold properties Third Quarter 2007 through Third Quarter 2010.
The lined portion of the chart represents the percentage of bank-owned properties out of total sold during that period of time. For example, in Q3 2010, 48% of total homes sold were foreclosed or bank-owned properties, compared to zero in Q3 2007. What a difference three years make!
For sale properties Third Quarter 2007 through Third Quarter 2010
This is another view that highlights the increasing presence of foreclosures in Oakland. Of all the resale detached single family homes for sale, 47% of them are bank-owned.
Median For Sale vs Median Sold
In this chart, one can make a couple of observations:
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That Median prices are stabilizing, and even trending upwards
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There is less of a gap between median list price and sold price.
Average Days on Market Third Quarter 2007 to Third Quarter 2010
Yes, sales seem to have picked up in Oakland. Other realtors have shared that they are encountering multiple offer situations on properties that are priced right, shows well, and in desirable locations. When it takes fewer days to sell property, does that make it a seller's market? What do you think>
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