OAKLAND CA MARKET REPORT
Zip code 94611 encompasses desirable Oakland areas of Montclair and Rockridge, as well as the city of Piedmont --- famed for good school districts, fabulous high-end shopping and fine dining, and affluent residents.
Drop in market value
But like nearly all cities in the nation, zip code 94611 has also seen its share of drop in market values. Looking at a 3-year time period starting from third quarter 2008 to Q3 2011, there is a marked decline of 16% in median sold price.
Lower prices coupled with the lowest interest rates in forty years present an excellent opportunity for buyers who have aspired to buy or move up in these areas.
It is important to note that in Q3 2011 median listing price matches median sold price, which is a significant departure fromQ2 2011 wherein median sold price was considerably higher --- $860K median sold price versus $770K median list price, or approximately 10% difference.
During this 3-year study period, in only two quarters -- Q3 2010 and Q2 2011 --- did the median price sold exceed median list price. This could mean that sellers are still unrealistic and tended to price them higher than market value.