We’ll come out and say it: Chicken Little is plain old wrong.
Concerns about a slowdown were not a trend, just a blip.
And when you thought the East Bay real estate market couldn’t get any hotter, the second quarter of 2016 rolled around. Twenty three records were broken. Here’s a list of them all:
- Highest median sale price in…
- The East Bay*: $725,000
- Berkeley: $1,200,000
- El Cerrito: $800,000
- Emeryville: $875,000
- Oakland: $700,000
- Highest average price over list price in…
- Berkeley: 22%
- Kensington: 19%
- Oakland: 15%
- Highest median price per square foot in…
- The East Bay*: $546
- Alameda: $584
- Albany: $797
- Piedmont: $791
- Berkeley: $704
- Kensington: $678
- El Cerrito: $543
- Oakland: $477
- Lowest average days on market in…
- The East Bay*: 21
- Alameda: 15
- Berkeley: 16
- Oakland: 16
- Piedmont: 13
- Greatest percent of the market above $1M: 27% of the market
- Highest number of sales above $1.8M (top 5% of the market): 71 sales
That means every major metric is performing at an all-time high. If the past is any prediction, those records may very well be broken next year, too.
* Single family homes in Alameda, Albany, Berkeley, El Cerrito, Emeryville, Kensington, Oakland, Piedmont, Richmond and San Leandro
** Charts in the report will differ from the statistics reported in this blog post because the report includes sales in a different set of cities: Albany, Berkeley, El Cerrito, Kensington, Oakland and Piedmont.