Oakland-Berkeley Inner East Bay Region Real Estate |
Big rebound in market activity continues; Median house sales price hits new quarterly high. July 2020 report for Oakland, Berkeley, Piedmont, City of Alameda, Albany, Kensington, El Cerrito & Richmond |
Despite the ongoing health and economic crisis precipitated by COVID-19, the real estate market made a dramatic recovery from the steep decline in April. The median house sales price hit a new high in Q2, and around the Bay Area, high-end homes, in particular, have seen very strong demand. Depending on the statistic, a few charts below reflect the market in Alameda County as a whole.
The first chart below illustrates the big rebound in buyer demand from the initial shelter-in-place crash, as the number of listings accepting offers in June 2020 rose back up to normal on a year-over-year basis. Of course, closed-sales volume - a lagging indicator - was hammered in Q2 by shelter in place. |
The large increase in sales activity in higher price segments is reflected in these next two charts. |
2020 began with low levels of inventory, and, though increasing significantly since the April drop, remains a bit lower on a year-over-year basis. |
Area house values, as measured by both median sales price and average dollar per square foot value, hit new highs in Q2. |
Median house sales price trends by city: Remember that median sales price is not a perfect indicator of changes in fair market value, as it can be affected by a number of factors. Fluctuations are especially common in markets with relatively low sales volumes across a wide range of sales prices, such as in Piedmont and Kensington. |
The condo market has been weaker than the house market, as measured by both sales activity and median sales price. This is a common dynamic around the Bay Area. It may be that prospective condo buyers - often younger and less affluent than house owners - have been more affected by the huge jump in unemployment.
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Average days on market were very low in Q2. The listings that sold typically went into contract quite quickly. |
Overbidding of asking price has declined - some of this has to do with changed home showing protocols with shelter in place - but the average sales price to list price percentage in the region remains by far the highest in the Bay Area.
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Except for San Francisco, every county market in the Bay Area saw year-over-year increases in the percentage of listings accepting offers in June, and with a reading of 44%, Alameda County is near the top of the June 2020 scale for this metric. (first chart below) But the counties that had the largest y-o-y INCREASES in percentage of listings accepting offers in June were 4 outer Bay Area counties characterized by very low population densities. The counties with the lowest y-o-y increases were the more urban markets, SF and Alameda. (second chart below) Other factors may also be at play: length/strictness of shelter-in-place rules, home price differences, second-home buying patterns, and so on. |
And mortgage interest rates have continued to decline. |
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