Good news: Redfin's Oakland Insider Report is in. Bad news: well, actually, the rest is pretty much bad news.
As in every county in the world, Alameda County shows wild disparity between the haves and have nots, particularly obvious in real estate. The most expensive listing right now is a $6,900,000 mansion in Piedmont. On the other end of the economic spectrum, the least expensive is a 1 bedroom fixer in Brookfield for $39,900.
If we can make a general statement about a market with such extremes on either side, it would be that Alameda, overall, has slumped. Sales, inventory, and prices: all down. Alameda County posted 2,826 homes for sale county-wide in September, a 19.2% reduction year-over-year. The median sale price was $383,750, down 9.1% from last year.
Oakland is among the most effected cities in Alameda County. The September, 2011 median sale price in Oakland was $240,000, down both from $243,000 of August, 2011, but more dramatically, down 5.9% from $255,000 in September, 2010.
Redfin agents admit the Oakland market has been hard hit by would-be buyers moving to the sidelines: "Homes that would have attracted five offers in spring are now lucky to get one..... This is more than the typical seasonal downturn; the reduction of maximum conforming loan limits and a lack of quality inventory are both factors in this slow market."
This news doesn't bode well for Oakland real estate going into the sleepy winter months. Make your predictions (be they dire or sunny) in the comments, below.
· Redfin Bay Area Sweet Dig Blog [Redfin]
· 55-Sea View Ave [Redfin]
· 673 Cary Ave [Redfin]