March Madness: Oakland’s Median at $1M, Other Homes Sell for 100% Over List

 

 

You know the saying, "mad as a March hare?"

We were never really sure what that meant until March 2021 came in (like a lion, you might say.)

East Bay home prices rose. Competition intensified. Sellers celebrated. And hopeful homebuyers wrote offer after offer after offer...and heard more no's than yes's.

It truly was March madness. (Enough with the clichéd March-isms, you beg).

Suffice to say, last month's housing market performed like the pandemic and recession never happened.

Here are a few wild highlights from the month:

• Oakland's median sales price for a detached single family home hit $1 million, the first time that has happened during any month of March.
• In Berkeley, a 2-bed, 3-bath mid-century house at 6 Harvard Circle in Berkeley sold for more than 100% over asking. It was listed at $1.15 million on March 5, received 29 offers, and closed for a breathtaking $2.3 million on March 29.
• In the Montclair hills, a 3-bed, 2-bath traditional home at 7008 Thornhill Drive sold for almost 100% over the list price – advertised at $1,198,000 and closed at $2,025,000.
• The median sales price in Alamo jumped from $2 million to $2.4 million year over year, making it the most expensive city we tracked.
• In El Cerrito, detached single family homes sold for nearly 30% over the list price on average.

 

 

This red-hot market is a continued reflection of pent-up buyer demand, low inventory, rock-bottom interest rates, and growing consumer confidence. In March, U.S. consumer confidence hit its highest level since the start of the pandemic thanks to the passage of federal pandemic relief, a rebounding jobs market, and the vaccination roll out, according to a survey from the Conference Board.

It's a tough real estate scene for homebuyers on both ends of the economic spectrum, but we've been coaching our clients to practice patience, persistence, and positivity. You will find the home you are meant to be in!

If you have questions about buying and selling a home in this super-charged real estate market, please contact us at 888-400-ABIO (2246) or [email protected].

 

The following data is for detached single-family homes. Sources: Bay East Assoc. of Realtors and Contra Costa Assoc. of Realtors. Compiled by Abio Associate Broker Diana Smith.

 

Alameda County Home Sales

 

Contra Costa County Home Sales

 

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Do you have questions about buying and selling a home in this super-charged real estate market? Contact us at 888-400-ABIO (2246) or [email protected].