In our new feature on median home price trends, we include a monthly foray into the East Bay, as prices there deserve their own attention. Nothing could less useful to someone interested in tracking the market than a general "Bay Area median" price, since the Bay Area is like a large octopus, each arm completely separate in terms of property values, and each tentacle upon each arm equally disparate. We travel now down the easterly appendages for exploration.
As in San Francisco (and most of the nation), a lack of inventory for potential buyers combined with low interest rates and improved consumer confidence combined in Berkeley to bring prices up at the close of 2012. The median sold price rose to $642,700 in 12/2012, 9% higher than it was in the 3rd quarter of 2012, and 19% higher year-over-year. (Note: data discussed throughout this post include all properties sold, including distressed homes single-families, condos, etc.)
Data via Zillow
Oakland too enjoyed a higher median in December. Here, the median sold price rose to $339,700 in the last quarter of 2012, up 3.7% quarter-over-quarter and 6.8% compared to 12/2011. Such numbers look less impressive shown in the shadow of Berkeley or San Francisco, but certainly show higher gains than, say, the typical bank account these days. These improved figures are a great relief in Oakland where property values so severely tanked during the depths of our recent (and lingering) recession.
Data via Zillow
True to form, Oakland stands out as one of the more affordable pockets for Bay Area homebuyers, even with this most recent median sold price gain. Zillow offers this table as proof:
We shall return next month for an update on all things median East Bay, but our prediction (similar to that which we have for the SF median) is these prices shall climb further before they plateau.
· Berkeley Home Prices and Home Values [Zillow]
· Oakland Home Prices and Home Values [Zillow]
· Your Monthly Analysis: Median Sold Price Trends for San Francisco [CurbedSF]