There has been a lot of talk lately about changes in the market triggered by higher levels of inventory.  Higher inventory was a factor again over the summer in other areas of Berkeley (see the post with data for the Hills area this summer, for example), but not in North Berkeley.  There were only 26 active listings in North Berkeley over the summer, compared to 40 last summer, 33 in summer 2016, and 31 in summer 2015.

29 North Berkeley properties sold over the summer, at a median price of $1,400,000. This is up 8% compared to the spring, but down very slightly (less than 1%) compared to last summer.  The average sold price per square foot was a whopping $860, up 1% from the spring, and up 15% from last summer.

With so little inventory, it’s not surprising that properties sold quickly — the average number of days on the market was 16.  2 of the 29 sold properties did have price reductions before selling, but 83% of the sold properties went for more than list price.  For those properties that went over list price, the average sold price was 23% higher.

The average number of offers, where reported (remember, our MLS does not require agents to share information on the number of offers; it’s optional) was 4.  Most properties had 1, 2 or 3 offers, 4 properties had between 4 and 9 offers, and 1 property had 12 offers.  Not surprisingly, the properties with the higher numbers of offers were the ones that were priced very low relative to value, so they attracted lots of attention.  It’s an interesting market lately, and an especially tough one for buyers to navigate.  We have some homes listed at or near market value, and others at the same time that are using the low-list-price strategy.  Each of these can make sense in the right situation.

In the broader Berkeley market, and especially in some areas outside of Berkeley, the market was less crazy over the summer than it has been lately.  Buyers are a little more cautious, and they have had more properties to choose from.  Under these conditions, smart pricing and smart preparation are more important than ever when selling, to ensure that your property compares favorably to other homes on the market.  The North Berkeley market though continues to hold strong!