Multiple offers in Oakland CA .... AGAIN?

OAKLAND

A picture certainly paints a thousand words. These charts show the trends for detached single family homes over a two year period from September 2007 to end of September 2009. Perhaps this illustrates why buyers are finding themselves in multiple offer situations on attractively priced properties that seem to sell in less than a week!

• The trend for inventory of detached single family homes for sale is startling . The high level of nearly 16 months inventory in December of 2008 steadily declined to its lowest point of 1.5 months in September 2009 in a 2-year period

• Number of homes sold appeared to have peaked in July 2009. Summer is typically when sales are brisk.

• The lowest median price was in March 2009 where it remained at that range for about three months. Then it slowly inched upwards for a noticeable increase in September 2009 at the same time that the inventory level was at its lowest the past two years. Could this be a sign of recovery?

• Supply and demand --- another indicator that perhaps we're returning to "normal" as opposed to the "irrarional exuberance" of years ago.