Oak-Berk Inner East Bay NOV 2022 Market Report

Oak-Berk Inner East Bay County real estate market is thriving. This report will give you an inside look at the latest trends in our market, including sales price and inventory data, as well as information on luxury homes. We’ll also take a look at what’s happening with rental rates so you can make informed decisions about your next move.

The Mortgage Interest Rates as of November 3,2022 are as follows: 30-Year Fixed (6.95%), 15-Year Fixed (6.29%), and 5/1 Adjustable (5.95%.)

The 3-month rolling, Alameda County median house sales price in October was down 4%. Meanwhile, Inner East Bay median house sales price was down about 4% and condo median sales price down about 9%. The October 2022 Monthly Sales Volume was down about 32% compared to the October 2021 Monthly Sales Volume. When it comes to the Average Sales Price to Original List Price, since peaking in April 2022, the average overbid percentage has dropped by 17 point but was still 7% above list price in October. 

The Average Days on market has been climbing since early spring. Following the expected seasonal demand trends. The Average Days on Market for homes currently for sale, priced under $3M runs about 6-7 weeks while it takes as longs as 8 weeks + for the average $3M+ home without selling.

As of November 1, 2022 there is a total of 1,032 Active & Coming Soon Listings in the Inner East Bay Homes Market. The monthly market activity of Inner East Bay is following  downward trend, as opposed to an upward trend that was observed in the same season of 2021. Since April 2022 the percentage of active listings expire or are withdrawn without being sold had tripled for October 2022. The percentage of sales closed over final list price is now at 50%, which is 23% less than the data in April of 2022. This shows an increase in overbidding.

Check below to see the graphs and charts for this market report:

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