Attention Buyers: it is time for you to strike! This crazy market has got to stop.

Buyers are being forced to remove not just their inspection contingency, but their financing contingencies as well, even if they are getting a loan.  Buyers are more confused than ever about where the value lies.  “The Berkeley market is no longer about numbers and logic, it is about emotion, exhaustion, and giving in” said Michelle, a buyer.  “I have been writing offers in Berkeley for the past year and now I am priced out.”

And it has gotten crazier this year.

Check out the list price to sales price over a 30 day trend:

Albany: 114% over the list price
Berkeley: 113%
El Cerrito: 112%
Kensington: 120%
Oakland: 108%

Average Sales prices:

Albany: $750,000
Berkeley: $1,091,170
El Cerrito: $615,833
Kensington: $1,030,200
Oakland: $615,429

Alameda prices are now what Berkeley was two years ago.
Castro Valley has caught up to El Cerrito
San Leandro has caught up to the Richmond Hills.

QUESTIONS WE HEAR:

“What will create change?”  More listings, less buyers.
“If we have more listings will prices go down?”  Probably not.  But the list price to sales price will become a smaller spread.
“When will more listings come on?” I wish I knew, but all signs are pointing to a flourishing Spring market.