MARKET REPORT Oakland and Piedmont CA, November 2011 review of 3-year median list and sold prices

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Real Estate Agent with Alain Pinel BRE 01367196
http://actvra.in/nTl

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.

Zip code 94611 Oakland and Piedmont CA

 

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.

 

Oakland and Piedmont real estate median prices

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Rainmaker
727,709
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

It is a time where we are seeing a drop in a lot of the markets around the country.

Nov 30, 2011 01:32 AM #1
Rainmaker
665,364
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Mark

Some areas thought they were "immune" from the market downward trends, and they are to a certain extent in terms of the drop not being quite as drastic as some other cities.

Hope all is well with you.

Nov 30, 2011 01:39 AM #2
Rainmaker
1,499,766
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

One more acclamation of "it's a great time to buy"!

Nov 30, 2011 07:45 AM #3
Ambassador
964,141
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Contact Pactia Dimacali for all your Oakland and Piedmont California real estate needs!  Pacita is ready to exceed all your real estate needs!

Nov 30, 2011 09:46 AM #4
Rainmaker
665,364
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Sally and David --- wondering why people don't list in the winter months. Serious buyers don't stop looking, and there are fewer properties to compete with

John -- how very nice of you! May I say the same about you. Thanks!

Nov 30, 2011 12:44 PM #5
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Rainmaker
665,364

Pacita Dimacali

Alameda/Contra Costa Counties CA
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