Autumn Market Starts with Record High Prices

The Autumn market has just begun amidst the highest median home prices ever in the East Bay. Berkeley has crested over $1M, Albany and Alameda both around $900K, and El Cerrito, is now $775K. My colleagues at Red Oak got some good air time on KPIX last week, showing the summary of our market:
–1/3 of our sales continue to be all cash
–our market is a case of basic economics: low supply and high demand
–our East Bay market is still relatively affordable compared to San Francisco or the Peninsula.

The question is whether this autumn market, which started just after Labor Day, will continue the upward climb of prices. As is usual, we see a short influx of inventory, which tapers off as the holiday season begins. As always, we wait to see how long increased inventory may provide some relief for the high buyer demand.

With apologies, a short advertisement proceeds the news clip.

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