Typically the East Bay real estate market takes a breather in January: sales fall to their lowest levels for the year. The types of properties tend to be less desirable than the ones that are sold in the spring, and buyers and sellers are usually focused on recovering from the holidays and sheltering from the rain. As a result, prices drop and days on market rise.

 

But we are not dealing with normal times; the pandemic has thrown the seasonal market out of the window. People are staying home and focused on finding space, be it a larger home in the East Bay or relocating to another region altogether. This has kept the single family home market extremely active by a variety of metrics, driving sales up 46% and prices up 22%.

 

 

Provided by Red Oak

 

Realty Alameda, Albany, Berkeley, El Cerrito, El Sobrante, Emeryville, Hercules, Kensington, Oakland, Piedmont, Pinole, Richmond, San Leandro and San Pablo. Data is sourced from the Multiple Listing Service (MLS). MLS data is provided by individual listing brokerages. These are sources we deem reliable. We have no reason to doubt their accuracy, but we do not guarantee them. Past performance does not guarantee future performance.

 

Don’t forget: shelter in place didn’t start until about March 16. We expect to see these kinds of differences for a few months. Also, we’re seeing similar growth for other property types, like condominiums and 2- to 4-unit buildings, and in most of the cities across the Inner East Bay.

 

If you are considering selling this year, the market is hungry for inventory. Make sure you’re speaking with your agent to weigh your best options. But don’t overprice or avoid prepping the home for sale - properties can still sit on the market if they aren’t marketed well. If you are a buyer, we suspect that more inventory is coming so don’t despair! There are “diamonds in the rough” that might be worth your attention.

 

If you would like a custom market analysis for your neighborhood, including percent of homes sold over asking and percent requiring a reduction in order to sell, drop us a line.