Linnette Edwards of Abio Properties discusses the Oakland residential market with San Francisco Business Times
Linnette Edwards of Abio Properties discusses the Oakland residential market with San Francisco Business Times
The San Francisco Business Times recently interviewed Linnette Edwards of Abio Properties along with other East Bay real estate leaders in their article Oakland home sales prices are falling. Here's what brokers are saying about the state of the city.
"…Residential real estate prices in the city are taking a noticeable decline. After surging in the second quarter, the median single-family sales price substantially declined in the third quarter, dropping 6% from $1.16 million down to $1.02 million….
Historically around elections the market tends to slow down, Linnette Edwards, a partner and associate broker with Abio Properties in the East Bay, said, but she contends that more is at play in Oakland, noting that buyers are now 'fence-sitting' and cautiously monitoring not only the election, but interest rates and even the weather. She said that prices continue to soften across markets and price ranges and that open house attendance was down last weekend.
'The buyers have lost their spunkiness,' Edwards said.
According to the article, the decline in home sales prices came as new-listing activity surged in September. It was up 1% year-over-year, part of the trend of increasing inventory. In addition, the number of active and coming-soon listings on Oct. 1 — 1,284 homes for sale — jumped to its highest count in more than two and a half years…What's bad news for home sellers, of course, can be good news for buyers."