BaySIR’s San Francisco East Bay Market Summary | First Quarter 2016
Trends in Berkeley show a 9% year-over-year rise in Median Sales Price and a 7% rise in Median Rent Per Month. The Median Sales Price for all homes in Berkeley for January 7 to April 6 was $877,500 based on 54 home sales. Average Price Per Square Foot for Berkeley was $640, an increase of 5% compared to the same period last year. The Median Rent Per Month for apartments in Berkeley for March 7-April 7 was $3,500. In the Luxury Homes Market, Berkeley’s Q1 Average Sales Price slightly fell by .05%. However, the city remains one of the most coveted locales in the San Francisco Bay Area. (Trulia, April 2016)
Spring weather brings a blooming market. As predicted, inventory numbers are on the rise and more properties are still being prepared for sale. We are seeing a 13.4% increase on the average sales prices from this time last year for all Single Family Homes. This increase is most likely due, in part, with the multiple offers we are seeing on homes in the area. For further information and in-depth details on this budding real estate market, don’t hesitate to give us a call.
A haven for families and telecommuting techies, Lafayette real estate consistently ranks among the most expensive in America. Trends in Lafayette show a 13% year-over-year rise in Median Sales Price and a -8% drop in Median Rent Per Month. The Median Sales Price for homes in Lafayette for January 7 to April 6 was $1,487,500 based on 35 home sales. Average price per square foot for Lafayette was $621, an increase of 7% compared to the same period last year. The median rent per month for apartments in Lafayette for Mar 7 to Apr 7 was $3,997—only $500 less than record-breaking San Francisco. (Trulia, April 2016)
Trends in Oakland show a 13% year-over-year rise in median sales price for all homes. The Median Sales Price for homes at all price levels in Oakland from January 7 – April 6 (2016) was $510,000 based on 398 home sales. The Average Price Per Square Foot for Oakland was $432 – an increase of 10% compared to the same period last year. In the Luxury Homes Market, Oakland’s Q1 Average Sales Price surpassed Alameda County’s Average by 7.9%. The percentage reflects the continual rising Oakland apartment rent – a median of $2,950 from March 7 to April 7. (Trulia, April 2016)