It’s a seller’s market in zip code 94611: Oakland and Piedmont CA
East of San Francisco, a short drive on the Bay Bridge, one will delight at finding cities that offer many amenities for homeowners. Oakland and Piedmont CA share zip code 94611 that is sought-after by buyers for several reasons.
Piedmont is one of the premier cities much-desired due to high academic performance indices, historical significance, architectural diversity and proximity to amenities that large hubs like San Francisco offer.
The Montclair area is part of Oakland that shares this zip code, noted for the same features, although homes in Montclair appear to be less expensive than in Piedmont.
Although both areas may have experienced a slight dip in home prices from the height of the market in the mid-2000s, the market appears to be rebounding. A view of recent activity for detached single homes since January 1, 2012 shows that sold properties were on the market for for an average of 50 days, while pending properties were on the market for an average of 28 days before going into contract. When properties are on the market 3-6 months, this suggests a seller market.
InvestorWords.com define a seller’s market as
A market which has more buyers than sellers. High prices result from this excess of demand over supply.
| Zip code | Average List Price ACTIVE |
Average Days on Market ACTIVE |
Average List Price PENDING |
Average Days on Market PENDING |
Average Sold Price SOLD |
Average Days on Market SOLD |
| 94611 |
$849,076 |
48 |
$1,032,729 |
28 |
$828,492 |
50 |
As of this writing, April 21, 2012:
- Among the active listings, the lowest list price is $375,000 for a 3 bedroom/2 bath house on the Piedmont border, and the highest is $5,150,000 for a historic 8 bedroom/6 plus baths, 8328 sq ft mansion
- The lowest sold price is $148,000 for a 796 sq ft fixer, and the highest is for a house with bay views, 4 BR/4 BA with 4600 sq ft, that sold for $2,760,000 after only nine days on the market
- Pending sales show the lowest priced home is a short sale with 2 bedrooms/1 bath and 805 sq ft at $199,000. The highest pending sale has 7 bedrooms/7 plus baths, 9336 sq ft in Piedmont, listed at $6,920,000, and pending after 94 days on the market.
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