This has been an unusual time for East Bay real estate. Typically the year starts out a bit sleepy as buyers and sellers recover from their holiday “hangover” and hunker down for the colder, rainer months.
But not in 2021.
This year has been an exception in so many ways. The pandemic has pushed buyer demand into hyperdrive. Although there is more inventory than last year, there still isn’t enough to go around.
Looking at single family home sales in February 2021 compared to the same period last year in the Inner East Bay (West Contra Costa through San Leandro):
- The number of sales was up 57%, the largest year-over-year increase since 2009
- Median price was up 25% to $925,000, an all-time high for the region (see chart below)
- Homes sold an average of 13.3% over list, the highest since 2018
- Homes sold in an average of 21 days, the lowest average for February since we started keeping records in 1996
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.
But we believe that the market will balance out very soon. We are seeing an increase in the number of new listings, and last week the highest number of active and “coming soon” listings came to market since November 2020. This leads us to believe that the market will have some form of “seasonality,” with a wave of new listings coming for the spring market.
Provided by Red Oak Realty
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.
So what does this mean? Buyers, don’t despair, and don’t get caught in an emotional purchase - work with your agent to find the property that will meet your needs for the long run. Sellers, there is a hunger for listings, so if you want to limit your competition, get on the market as soon as you can (with your agent’s guidance, of course).
Need custom charts? Have questions? Reach out and let us know.
