Sales prices of single family homes in one of our favorite neighborhoods–Rockridge in Oakland, CA–have seen a series of rises and falls over the past three years. From this time in 2008, median sold prices in this popular area saw a fairly percipitous fall from the mid-$900’s to the mid-$700’s, and back up to the mid-$900’s nine months later. From a median of $780K at the beginning of 2010, they zoomed up by almost $200K  to $975K, dropped back to around $800K, soared again last quarter to the $900K range, only to drop back again this quarter to a median of $818K. What an exhausting ride! Over the course of three years median sold prices are now down 16%, but we won’t be surprised to see them take another swing upwards! While median sold prices ended down 6% as compared to this time last year, over the past three months median prices have been on the rise. Inventory has been relatively high, with 81 properties for sale, of which 35 sold.
Part of the erratic price behavior is based on the disparate nature of the inventory: a combination of the vintage homes that are found on both sides of College Avenue, and the large, mostly new homes in the Rockridge hills. Both types of construction fall within the 94618 zip code, and there is a broad range of prices.
We’ve seen an additional swing in behavior in list price vs. sold price in the homes for sale in the Rockridge neighborhood of Oakland, CA. This past quarter sold prices(in green) fell below median list price(in red) by $44K, whereas the previous quarter sold prices were in excess of list by $47K.
