Analyzing Oakland, CA home prices -- our model works

By
Real Estate Agent CalBRE #1207716

At Stafford Real Estate, we have developed a model for predicting home prices that defies convention and works, for us, better than 80% of the time in predicting what a home will sell for.  The model provides great guidance for both buyers and sellers.

The conventional wisdom uses a bedroom and bathroom count and amenities to arrive at price.  Our methodology uses price per square foot bracketed by square footage of the home.  Of course, knowledge of the immediate neighborhood is essential for selecting comparable homes.

To show just how varied data can be by area and by size of home, we have prepared two tables with 2012 and 2013 data.

Here are data for homes under 1500 square feet:

AREA/ZIP CODE Average $ /s.f. 2012 Average $ /s.f 2013 % increase
94601 149 230 35.2%
94602 315 427 26.2%
94603 119 173 31.2%
94605 161 231 30.3%
94606 182 291 37.5%
94607 152 238 36.1%
94608 248 392 36.7%
94609 357 475 24.8%
94610 361 472 23.5%
94611 383 506 24.3%
94612 131 322 59.3%
94618 514 607 15.3%
94619 247 343 28.0%
94621 102 153 33.3%
94705 436 589 26.0%

And now the numbers for homes 1500 sq ft to 3000 sq ft:

AREA/ZIP CODE Average $ /s.f. 2012 Average $ /s.f 2013 % increase
94601 116 168 31.0%
94602 323 371 12.9%
94603 120 161 25.5%
94605 187 244 23.4%
94606 185 236 21.6%
94607 133 188 29.3%
94608 216 272 20.6%
94609 271 377 28.1%
94610 359 430 16.5%
94611 329 398 17.3%
94612 126 186 32.3%
94618 454 490 7.3%
94619 232 311 25.4%
94621 91 122 25.4%
94705 412 423 2.6%

Once one absorbs the variability of prices per square foot by home size and by neighborhood, a whole new world of analysis (further details of which are proprietary) emerges.

www.livinginoakland.com

 

 

Posted by

Barry Pilger, Stafford Real Estate, Oakland, California
Representing buyers and sellers of Oakland homes, lofts and condos

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