Posted to: Berkeley

The East Bay market- it’s on fire!!

It’s hot, hot, hot! Despite what the media has portrayed over the past 6 months, our market still has its game.

• Last week a 2 bedroom/1 bath home in El Cerrito had 8 offers.
• Two weeks ago a condo in North Oakland had 5 offers.
• This week a 2 bedroom/1 bath home in the Berkeley Hills had 16 offers.
• Next week? I predict multiple offers on a tiny house on Everett in El Cerrito and even more offers on a “deluxe fixer” in Rockridge.

 

Bubble? Not in my hood!

But isn’t this what happens every Spring? Part of understanding where we are is looking at where we have been. Let’s look at the number of solds over the last 3 years:

…………..Feb …..Mar …..Apr ……May
2005 ……256 ……406 ……437 ……435
2006 ……226 ……306 ……356 ……366
2007 ……194

March and April are generally peak times in the market. But why now? Why in the midst of foreclosures and lower sales are we still seeing multiple offers? Because the buyer’s never left. And the money is still cheap. And it’s the Bay Area, land of…well…no land.