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The Oakland Report: Slow and Steady Wins the Race

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Oakland home sellers have a little something extra to be thankful, according to Redfin’s Oakland Insider Report: competitive buyers. Yes, this season is still a slow one, as it historically is for real estate most anywhere. Redfin Realtor Mark Biggins says “Many would-be sellers today are holding off on their plans until after the holidays. But low inventory "often leads to multiple offers.” The multiple-offer phenomenon must be welcome to Oakland sellers, a group that’s been smacked down by the housing slump rather more soundly than others in the Bay Area (San Francisco proper offering prime example). Redfin thinks the magic combination is this low inventory together with attractive home prices and even more attractive interest rates. Agent Landon Nash writes that “If a home is brought to the market and priced well, you can expect to be facing multiple interested parties; and if the home is receiving multiple offers you can expect that it will sell at or above the asking price.”

Redfin data confirm. Listings are down 20.9% from last year, but prices are up 2.7%, which almost certainly reflects buyer reaction to decreased offerings. Think supply and demand: if there’s not enough supply, demand goes up, and prices with it. The most positive sign for Oakland, however, is the sale-to-list: Redfin’s report shows homes fetching 99.9 % of their asking price in this October. The median sold price for October, 2011 then is not only 9.3%from the previous month, but also up 4.3% from the previous year. Looks like Santa may have come a bit early.
· SweetDigs [Redfin]
[Image via Shutterstock]