February Market Snapshoot

It may be winter, but it doesn't feel like it. Sure, temperatures seem to be warmer than normal, but prices are growing more quickly than "normal," too. In February 2013 compared to February 2012, prices increased 50%. And homes are selling further over asking - 4.4% to be exact - which is 9.4 points higher than where they were a year ago. Much of this is driven by low inventory: sales are down 39%, and inventory is down over 60%. We expect that activity will pick up in April, but whether it will be enough to satiate buyer demand remains to be seen. Stay tuned for first quarter numbers.....

January 2013 Market Snapshot

January is traditionally one of the lowest months of the year in terms of closed transactions. With such low inventory, this year's closings were even lower than normal, down 18% versus 2011. But demand remains extremely high, pushing prices up in every city to average a 43% increase. That's the greatest year-over-year increase in 3 years. Finally, homes are selling 3.2% over original listing price. That's 8.1 points higher than last year. We expect February will remain slow but competitive, and with interest rates as low as they are, we don't expect demand to lessen anytime soon.

February Newsletter

Want to know what Dr. Ken Rosen have to say about the real estate market moving forward? Read it in my February newsletter at my website

First Sales in 2013

Recent Sales - 200 Lakeside Dr, Oakland

The Regillus at Lake Merritt with beautiful formal garden and architectural details. Walk to the lake or downtown Oakland. Built in 1924.