The Alameda 2016 Q2 Quarterly Report is out and it tells the story of what we have been seeing for the last couple of years: a strong sellers market with the median average sales price up from 1% to 17% from this time in 2015. Albany saw the smallest gain with Berkeley seeing the largest.
While the average price has increased, the number of sales are down. A lack of inventory, along with the typical lull during the summer months does contribute to the downward trend. It is expected that inventory will see a jump after the Labor Day Holiday.
We do see some softening, especially at the upper end of the market. Affordability seems to be a factor for many buyers and areas that were typically seen as affordable are still seeing a brisk and competitive market.
Local economic factors are still strong and interest rates maintaining historic lows will continue to help move the market forward, but potentially not at the rapid increase.
Lisa Cartolano & Ellen Diamond