The Voice of East Bay Living

At a great luxury portfolio seminar yesterday and San Francisco many interesting details were discussed.  Most of the focus was on the San Francisco real estate market which ultimately affects our East Bay market. -In 2006, 82%  of condos sold for under $1 million -In 2017,  only 12% of condos sold for under $1 million What is happening right now? The current market prices are going 120 miles an hour and now into hyper drive.  There is a mismatch between what people want, what is available, and what they can afford.  Our market is impacted by unemployment, rents, and inventory. While t he Bay Area market is currently one of the strongest markets in the nation, it is still subject to external factors such as earthquakes,political events, our current president, and the economy of other countries such as China. Buyers are migrating to different neighborhoods which are more affordable. We are seeing buyers coming from the south bay, Marin,...

We are off to a wild start to 2015 with an inventory driven market - low inventory remains the dominating factor and prices are being pushed upward in hot and heavy multiple offer bidding wars.  Here are our first samples: Piedmont home - located on Palm Drive  Listed for $1,295,000 (which seemed high), currently Pending for over $1,600,000. Crocker Highlands home - located on Underhills Road  Listed for $849,000, currently Pending for $967,000 Rockridge house - located on Locksley  Listed for $849,000, currently Pending for over $1,000,000 All agents are racing around with "I want Listings” written on their foreheads!

You can either swim in the pool or not--market continues on its high speed roller skates. Within the Grubb Company, since January 2014 the dollar volume is up 58% over last year. Over all in the East Bay, the median sales price is $840,000 with average days on market of 14 days. As inventory starts to expand and the buyer pool gets spread out in the market place, we could see more of a cruising speed instead of high gear. Visit  GlassSabine.com Contact Team Glass Sabine at  ssabine @grubbco.com