The recent news from the National Association of REALTORS® sounded a pessimistic note amid our struggling real estate recovery. Pending home sales in the U.S. fell 4.6% last month from August levels. Of course, Berkeley being Berkeley, we are not following national traditions – even in real estate. In fact, in the last quarter (ended September 30), half of all sales in Berkeley had multiple offers and sold over asking!
Secondly, in representing a Buyer recently who was trying to buy a house in Elmwood/Claremont, I was in a bidding war with eight others. The house ultimately sold $150,000 above asking. While prices are not back to the high times of 2007, it does portend increasing sale prices in the Elmwood/Claremont neighborhood of Berkeley. In fact, upon further examination, price per square foot in the Elmwood/Claremont neighborhood is up over 7% from last year.
This is one of the first strong healthy signs I’ve seen in the last four years in these parts. You might consider this a “leading indicator” of sorts for Berkeley ... and the East Bay real estate in general. For, while the rest of the country still seems to be stuck in the doldrums, Berkeley seems to be marching to its own drum ... and a decidedly different beat.
If you have any questions on Elmwood/Claremont or Berkeley/Oakland real estate, just call me on my cell phone: 510-847-2409.