2012 Q3 Market Snapshot

Each August buyers take vacations and fewer sellers list their homes. As a result, sales decrease in September. This year, September sales were down 18% versus the same time last year, as more buyers took a breather from the competition. This buyer break was more than off-set by the drop in supply. Prices did not suffer, but rose 18% versus last year. Competition remained fierce as properties sold an average of 0.6% above original list price, a full 5.8 percentage points higher than last year. Now we see that October availability is picking up, as 14% more properties were listed after Labor Day than the same time last year, but the buyers are back, demand remains high, and the competition continues.

Recent Sales

2907 Dwight Way, Berkeley List Price: $670,000 Sold Price: $620,000

1523 Brunswig Lane, Emeryville List Price: $385,000 Sold Price: $416,000

Market Snapshot

This year, the real estate market started slowly: the first quarter was unusually quiet. But that all changed in the spring: fueled by low supply and strong demand, active inventory dropped to 54% lower than the same time last year. July, which is usually a slow month, remained very strong. Sales were up 15% versus the same time last year, with some cities seeing up to 90% growth (El Cerrito). Prices were up a notable 12%, and although they were mixed, some cities saw 26% (El Cerrito) and 29% (Oakland) growth. And properties continue to sell further above asking price, now at 2%. In fact, homes in Berkeley are selling 5.9% above list. We expect that August numbers will be lower due to the typical summer slow-down, but we hope to see a burst of activity after Labor Day.

Time To Refinance

We just refinanced our Piedmont house, securing a 30 year fix at 3.5% for a jumbo conforming loan! Time to celebrate with a glass of good wine. I encourage you to talk to a few lenders and get a quote. Don't miss out on this great opportunity. If you need suggestions on lenders, let me know.

Witter Field All to Ourselves..

Look at this beautiful track and baseball field! Now that school is over, Witter Field is now our backyard - We are one house away from this amazing open field. There is a track, 3 baseball fields, kids play structure, and a dog park! We love summer and love living in Piedmont!

Jenny's Recent Sales

I live in Piedmont.....

My husband and I bought our mid-century home right next to Witter Field in June 2009. When I saw it, I knew this was perfect for us. We had to bid out two other offers, go through inspections and 4 months of remodeling before moving in. We remodeled the kitchen, bathroom, upgraded the electrical system, bolted the foundation, installed a tankless water heater and more. It has almost been 3 years since we moved in and we have enjoyed every second of living here in this house and this wonderful neighborhood. Here is a video clip of Piedmont created by Red Oak Realty.

Blueberries in Piedmont

Yes, you can grow blueberries in Piedmont! Our backyard gets plenty of sunlight, so the fruit trees are flourishing. These big juicy blueberries will be ready for harvest very soon. We have 11 shrubs that we planted 3 years ago. They have doubled in size and production has more than doubled too.

Parking Around Witter Field

Parking can be tricky especially around this time of the year around Witter Field. The field is busy with events starting May and parents often find it difficult to find parking. Most streets close to the field has "Resident Only" parking signs with specific hours. So be very careful and read the signs, or you will be served with a parking ticket.

Piedmont Inventory At a Glance

123 properties sold in Piedmont since May 2011, with a median price of $1,200,000 and 14 median days on the market. Inventory is low, so lots of competition between the buyers!

Piedmont Median Home Price

Just obtained this live chart from Altos Research. Seems like a great time to buy in Piedmont. Please contact me if you want to chat more about this graph.

Basketball and Soccer for Dads

We are so lucky to live close to Witter Field at Piedmont. There is pickup soccer every Sunday morning, and also basketball every Wednesday night and Sunday morning -- all within walking distance for my husband. If you want more information about these wonderful programs for dads, please contact me.