Median Home Price, Single Family Homes for sale in the Rockridge neighborhood of Oakland, CA Real Estate Market Update as of October 15, 2010
As I took a snapshot of the Rockridge neighborhood real estate market this month I saw a slight decrease in median price of the active listings, but a substantial decrease in the sold prices from August to September of this year — more than $100K in one month. But keep in mind that this is a small sample size: only eight homes sold in September. What’s striking: Median Sold Price has dropped from $1.145M in June to $872K in Sept. And while true, that’s only part of the picture. Median sales prices are actually up from April. Be careful to put too much weight on the median prices when the sample size is so small, between four and 15 properties selling each month. Ultimately what matters is the house you are selling or wish to buy.
Another striking element in the Rockridge market: there’s a lot of inventory! Currently we’re at 37 single family homes, down from 65 last month, and we’ve been seeing numbers in the mid-50’s for several months. September saw the worst demand with only eight sales with 65 homes available, and the Days on Market at 58. That improved this month.
Overbidding continues on the most desirable homes, but multiples may be two or three offers, and that may not bring the offer price even to the list price. All cash offers continue to be controlling factor: given the uncertainties in the financial markets, an all-cash offer is in an unusually strong position right now, and several other Rockridge agents report having received all-cash offers that demand significant discounts.
Homes for sale in Rockridge neighborhood of Oakland CA as of October 15, 2010
- 37 single family detached homes are for sale in Rockridge, in Oakland CA or homes for sale in 94618 are on the market
- Median list price in Rockridge is currently $848,000 for detached homes for sale, down from $869,000 last month.
- Prices range from $390,000 to $2,539,000 for detached homes for sale in the Rockridge neighborhood of Oakland CA
- Average days on market for detached homes for sale in Rockridge is 41 day
- Distressed properties (Potential Short Sales and REOs) represent only 4 of the single family homes currently for sale in Rockridge, in Oakland CA:
- 1 property is a Potential Short Sale
- 3 properties are REOs (Real Estate Owned by banks)
- 22 attached (condos, townhomes, duets) homes for sale in Rockridge in Oakland CA
- Median home price in Rockridge is currently $390,000 for attached homes for sale
- Prices range from $219,900 to $795,000 for attached homes for sale in Rockridge
- Average days on market for condos & townhomes for sale in Rockridge is 76 days
- Six attached properties are currently distressed properties, 4 potential Short Sales and 2 REO’s
Homes that sold in September 2010 in Rockridge, in Oakland CA
- 8 single family detached homes for sale in Rockridge, in Oakland CA sold in September 2010, compared with 13 homes sold in August 2010 (and 11 homes in September 2009).
- Median home price in Rockridge (94618) was $872,000 for detached homes that sold, compared to $980,000 median sold price in August. In both months the median sold prices were in excess of the median list price.
- Prices ranged from $266,500 to $1,999,500 for detached homes that sold.
- Average days on market was 24 days for the detached homes that sold in September 2010
- 4 attached (condos, townhomes, duets) homes for sale in the Rockrige neighborhood of Oakland CA sold in September 2010, compared with 6 attached homes sold in August 2010.
- Median home price in Rockridge was $397,600 for attached homes that sold in September, compared to $517,500 median sold price in August.
- Prices ranged from $242,000 to $737,000 for attached homes that sold.
- Average days on market was 25 days for the attached homes that sold in September 2010.
Please give me a call for any other details, or updates about other East Bay markets!
