You wanna know what’s crazy? Sales prices in Oakland. If you are a buyer looking to purchase in Oakland, I’m sure you have felt the surge in sales prices in the last few months. Well folks, it’s not your imagination:
- the median sales price for homes in Oakland is up 25% from the prior quarter and
- an increase of 19.6% compared to the prior year!
- Over the last 5 years, sales prices have appreciated 6% in Oakland.
At the same time, inventory is down by almost half from last year!
This is creating such a crazy market – great for sellers, super competitive for buyers. Everyone always asks “is this a bubble?” Of course, there is no way for us to know. However, with the Fed keeping interest rates low money is cheap, there are more and more buyers in the market. Unfortunately, without an influx of inventory, it doesn’t seem like the market will have a chance to stabilize. Now, more than ever it’s important to have a strong team working with you, behind you—whether you are selling or buying – it’s crazy out there folks!