Why Prices are Still Climbing in the East Bay

Market Trends

Just a tidbit of information to keep your perspective on why this remains a seller's market, why we are seeing multiple offers in so many cases, and why prices in sought-after East Bay neighborhoods continue to climb:

We are nearing the end of the first quarter and should have a good amount of year over year data to review by early April. In the meantime; here is the state of the market right now. In Berkeley there are currently 27 houses available for sale vs 33 under contract, which is an inventory supply of .82 months. In Albany, we see six houses active vs seven under contract, a supply of .86 months. El Cerrito shows 16 houses active and 15 under contract, which is a supply of 1.07 months. Looking south to Oakland we see 211 active and 249 under contract, a .85 month supply. Finally, looking north to Richmond we see 90 active and 93 under contract, a .97 month supply. In summary, we see almost no changes from two weeks ago, showing strong and consistent strength in the East Bay market reflecting in continued price movement upwards based on the intense high demand for homes in the region intersecting with low supply.

-- from Berkeley CB office Manager's bi-weekly report on market conditions.