The research department of Prudential California Realty has just released its first quarter 2009 sales data for Alameda County. The data shows what I have been telling my clients for awhile now: most of the sales in Oakland are being driven by investors snapping up properties at bargain prices. In fact, Oakland shows a 121% increase in sales volume from Q1, 2008. Prices, on the other hand, show a 70% decrease over the same time period. That’s pretty telling. The current median sold price for Oakland is $140,000. Last quarter the median was $466,000!
Berkeley stats are also interesting. Sales volume from Q1 2008 to Q1, 2009 for Berkeley shows a 21% decrease, while median home prices have declined only 15%. The Q1, 2009 median home sales price in Berkeley was $610,500. Talk about a Tale of Two Cities!
Check out all Alameda County cities here, and the Bay Area as a whole here.
Want more? Check out my website at www.dougfuller.net, and feel free to contact me if you have any questions.
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