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BERKELEY CA Real Estate Sales 2011 over 2010: Looking for foreclosures? Very low inventory!

Berkeley CA Real estate sales 2011 compared to 2010: Trends for foreclosures and short sales

Berkeley CA seems to hold it own, with very few distressed properties compared to some of the neighboring cities like Oakland CA and Alameda CA both of whom show an increase in distressed properties from 2010 to 2011.

Distressed Properties (short sales and foreclosures)

Whereas Berkeley’s distressed properties average less than 20% of total sales the last couple of years.

Type Sale

2011

2010

Regular Sales

501

473

Short Sales

56 (9% of total)

31 (5.6% of total)

REO (bank-owned)

59 (9.6% of total)

51 (9.2% of total)

Total Sales

616

555

This chart shows the percent of bank owned properties (stripes) compared to regular sales (shaded) during each time period.





Median List and Sold Price

And in the spirit of Paul Harvey, what’s “the rest of the story?”

Berkeley property owners must really listen to their REALTORs because their median list price trended downward. The aggressive list prices generated interested and serious buyers that more than likely resulted in multiple offer situations which partially explains the upward trend in median sold price in 2011.




Months’ Inventory

Inventory levels are quite low. In the 4th quarter 2011, it was at less than 3 months, which can be characterized as a seller’s market. The blue line on this chart represents average days on market.

As of this writing, January 15 2012, there are only 63 properties that are actively offered for sale. I had to blink several times, checked and re-checked. Can this be true? Yep, only 63 for sale!

10 condos
51 detached homes
2 townhouses

Talk about low inventory!


Related Posts

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Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

BERKELEY CA Real Estate Sales 2011 over 2010: Looking for foreclosures? Very low inventory!

Oakland CA Homes for Sale January 2012: 55% are short sales and bank-owned

Oakland CA top 5 real estate stories in 2011 including surge in sales and prices

Oakland CA 2011: Short Sales and Bank-Owned Properties are 54% of total sales

Top 5 real estate stories in 2011 nationally and in Alameda CA

Alameda CA Short sales and Foreclosures: Year End Report 2011 compared to 2010

Posted Sunday Jan 15