More of the Same for 2Q07

In contrast to the 33 homes sold in Piedmont in 2Q06, this quarter saw 46 homes sold for an average of $1.54 million. So what's this about dramatic reductions in the number of sales?

Sales prices were, on average, just about at the asking price (though they ranged from 71% of asking to 115% of asking). The average price per square foot was $604 (ranging from $403/sf to $771/sf). The typical home sold in 28 days.

Homes sold in last year's second quarter typically sold in 33 days for $1.525 million, though for an average of $651/sf--the average home size then happened to be smaller, and buyers tend to pay more for a more compact home with the same functionality.

Homes at the top end of the market (over $2 million) generally sold for less than the asking price, which usually suggests that there were not multiple offers. Moreover, our per square foot prices for the most up-to-date luxury homes were lower this quarter compared to the same time a year ago (when several homes sold in the $800/sf and up range).

Around the Bay, Berkeley performed particularly well: Among the 168 homes sold, the average was $914,000, 103% of asking price. They typically sold in 21 days. An unusually large crop of $2-5 million homes sold in Berkeley brought the average up from $829,000 a year ago.

In modest contrast, Oakland's homes sold on average in 32 days for 100.1% over asking. Those single-family homes in Oakland's 94610, 94611, and 94618 zip codes surrounding Piedmont sold for an average of $1.044 million, up from 1.015 million in 2Q06.