It’s a seller’s market in zip code 94611: Oakland and Piedmont CA

By
Real Estate Agent with Alain Pinel BRE 01367196

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.


Zip code 94611 Oakland Piedmont CA


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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Rainmaker
349,183
Inna Ivchenko
Mannis Real Estate Group - Calabasas, CA
Los Angeles / Valley Homes

Great blog post, Pacita!

I love the quality of your presentation about market changes in your neighborhood( tables, use of fonts, map, stats and links~ admire it)

 

 

May 09, 2012 11:44 AM #1
Rainmaker
662,607
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Inna

Thanks....very nice of you to take the time to comment. I still haven't learned how to do pie charts and graphs....on my to-do list :)

May 10, 2012 02:08 PM #2
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Rainmaker
662,607

Pacita Dimacali

Alameda/Contra Costa Counties CA
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