market update: Market Downturn Hits Piedmont Market
- 07/01/09 01:58 PM
2Q09 Market Update After several years of steady prices (sales prices had been quite flat at around $600/sf since our market peak in November of 2005), and a winter and spring of very few sales and prices all over the place, this spring market makes the market direction clear: Prices are down as much as 16-18 percent compared to a year ago (see detailed spreadsheet at the bottom of the page). I think our market has been affected by several factors unique to our high-end market. First, market distress has been focused below our price range, but those sellers are our … (0 comments)
market update: 2008 East Bay Market Update--Are We Done Yet?
- 01/05/09 05:15 PM
While the Piedmont market has weathered the national real estate bust remarkably well, we're not immune from the pressures swirling about us, as recent data illustrate. Through 2008, the average price of a Piedmont home settled in at $1.575 million ($583/sf), down about 3 percent from $1.62 million ($612/sf) in 2007. The typical home sold in 26 days for just a bit below the asking price. The number of transactions, 76 through the year, was down 30 percent compared to last year (and down 40 percent compared to 2005's peak). By themselves, fewer sales wouldn't necessarily affect buyers' and sellers' outcomes … (0 comments)
market update: 3Q08 Piedmont Market Update
- 10/10/08 05:16 AM
For months I've been describing trends in surrounding areas of the region, state and nation--declining median prices weighted down in part by short sales and ''real estate-owned'' properties in many markets, tightening mortgage standards at all points of the income and property price spectrum, and so on. Overall, there's been a comforting ''flight to quality'' effect for Piedmont in particular and Berkeley in general. These markets have stayed quite strong. Finally, we're starting to see some shifts in our own backyards driven by the same gale force winds blowing through the economy and the markets. So far, the changes are affecting … (1 comments)
market update: East Bay Market Update
- 07/08/08 03:56 AM
Despite unsettling events in the housing and mortgage markets as recently as today, the East Bay appears to be doing better than much of the rest of the state and much of the country, according to data from a variety of sources. Berkeley prices are about 5 percent below the $829,000 average in the 2Q06. In contrast, Oakland's average price declined by 20 percent between this just-closed quarter and the same period last year, according to data from the Multiple Listing Service. At the same time, median prices across the state declined by 35 percent in May, 2008 compared to May, … (2 comments)
market update: 1Q08 Piedmont Market Update
- 03/31/08 05:52 PM
So What's Going on in this Market?? Only 11 homes sold in Piedmont this past quarter, compared to 18 homes during the first quarter of 2007 (and 21 during 1Q06). The average price per square foot settled in at $606/sf, lower than last quarter's $631/sf, but consistent with the pattern of the last several quarters. The typical home sold in 28 days for $1.609 million. Prices ranged from $815, 000 to $2.85 million, with only one home selling for more than $2 million. Perhaps more interesting than what has sold is what has not sold. On the market are six homes in the … (0 comments)
market update: Piedmont Market Dips only Slightly in 2007 (Includes 4Q07 Update)
- 01/01/08 03:05 PM
The average price of a Piedmont home dipped about 3 percent in 2007 compared to 2006, from just under 1.7 million to $1.62 million. The average sales price was about 2 percent below the original asking price. On a per square foot basis, the average remained flat at $610/sf, compared to last year's $612/sf. A total of 106 homes sold during the year, a ten percent reduction compared to 2006 (and 20 percent below 2005's peak). The total value of these transactions was about $172 million. Homes typically sold for a tad below the asking price in 29 days (compared to … (0 comments)
market update: The Piedmont Update (1Q07)
- 10/23/07 09:59 AM
The Piedmont Update Institution or ''too predictable''? You know you're a bit of an institution when a long-time Piedmont real estate hand emails you in late March and says, ''Maureen, I know you're e-newsletter's about to come out, and here's what I think . . . .'' So while the message may be predictable (''Prices stay flat! Well priced homes sell promptly!''), I'm bucking institutionism and mixing things up a bit: You'll read this not on the first day after the quarter as monotonously usual, but when virtual marketeers say is the best day of the week to email-- What a quarter! Eighteen homes … (0 comments)
market update: More of the Same for 2Q07
- 10/19/07 11:59 AM
In contrast to the 33 homes sold in Piedmont in 2Q06, this quarter saw 46 homes sold for an average of $1.54 million. So what's this about dramatic reductions in the number of sales? Sales prices were, on average, just about at the asking price (though they ranged from 71% of asking to 115% of asking). The average price per square foot was $604 (ranging from $403/sf to $771/sf). The typical home sold in 28 days. Homes sold in last year's second quarter typically sold in 33 days for $1.525 million, though for an average of $651/sf--the average home size then happened to … (0 comments)
market update: We're Seeing Movement Toward the National Trends (3Q07)
- 10/17/07 12:04 PM
Quarter after quarter this last year, Piedmont's sales figures have been quite consistent with past years, in contrast to the story told across the country and state. In fact, this spring, we saw 46 home sales, compared to 33 in the second quarter of 2006--usually the year's busiest quarter. Finally, we're seeing some changes. Only 20 homes sold this past quarter, in contrast to 34 in 3Q06 and 44 in 3Q05. Prices also softened a bit (remember, this analysis is based on only 20 sales) from an average $1.54 million last quarter to $1.42 million this quarter. Sales prices were, on average, … (0 comments)
2Q09 Market Update;)
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