In Berkeley, the sellers’ market just keeps on truckin’

This 4-bedroom Craftsman home on Holly Street sold in October for $900,000 on a list price of $825,000

Latest figures on home sales suggest many buyers are still having to work hard to get their hands on a new home in Berkeley. Sellers, it appears, have the advantage, and, according to research compiled by Redfin, have done so for the past 12 months.

Everything in Berkeley points to the continuation of a sellers’ market. The data (presented in the Redfin graphs below) shows that the total number of homes for sale is down 26.8% from October last year, and down 15.2% over last month.

Meanwhile, prices are up 0.4% year-on-year, and up 8.6% from last month. Sale-to-list price is 101% for single-family homes and 106% for condos in Berkeley (a 12-month high), which means buyers are often having to pay over the listing price to ensure it is them not someone else closing escrow on their dream house.

This home on Stannage Avenue closed escrow at $578,000 on an asking price of $549,000

Cases in point: many homes sold in October in Berkeley at or above asking price.

The 2-bedroom, 1-bathroom mid-century modern home at 1642 Stannage Avenue was listed on September 13th for $549,000 and closed escrow six weeks later at $578,000.

The 4-bedroom, 2-bathroom Craftsman bungalow at 1509 Holly Street in the Northbrae neighborhood went on the market on September 15th for $825,000 and sold on October 28th for a hefty $75,000 more, at $900,000.

And at the top end, several homes achieved full-price sales — see 2826 Webster Street ($1,685,000), 2910 Avalon Avenue ($2,100,000) — or more, for instance the historic Victorian at 1330 Albina Avenue which changed hands on November 3rd for $50,000 over its not-too-shabby $2,500,000 list price.

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  • Aman Daro

    It’s true: the market strengethened at a time when, historically, the market has shrunk.15 of 31 single family homes sold over asking in October. This has been on the incline over the past 3 months. However, in October, homes sold an average of 1.8% below original list price.Days on market averaged just 33 in October. This is down from 40 last month and flat versus one year prior.
    In general, the Berkeley market has remained fairly stable and in demand. Be careful when you read area-wide reports like from DataQuick and CaseShiller: they skew towards large areas like East Oakland and Antioch, and don’t give a clear picture as to how high-demand cities like Berkeley perform.

    -Aman Daro, Red Oak Realty