Usually it is important to ignore the headlines, especially surrounding real estate. Why? Typically they are 3 months behind. But right now, with Berkeley and the surrounding areas down 30+% in inventory, the media is currently caught up.
Because we have so few sales there is not much else to report.
But here are a few things the media may not know.
-the median price in Berkeley and the surrounding markets is up 35% from the same time last year
-30% of CA sales are cash
-the REO market makes up 7% of sales in CA
-inventory is the issue and NOT demand