Inner East Bay Real Estate
The Spring Market in January & Continues to Accelerate
Median House Price up 19%
Active Listing down 13%
Sales Volume up 42%
March 2021 Report
At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much sooner than sellers (supply), a dynamic which commonly accelerates as spring gets underway. When demand surges while listing lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming the norm. This has occurred with a vengeance in early 2021.
This report will look at median home list and sales prices, supply and demand from a variety of angles, the huge surge in luxury home sales, and the recent jump in interest rates.
The chart are meant to be self-explanatory, but your questions are always welcome. In this report the Inner East Bay consists of Oakland, Piedmont, the City of Alameda, Berkeley, Albany, Kensington, El Cerrito and Richmond.