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.