Your Real Estate Expert for Berkeley and Beyond
“Marilyn is exceptional. Her knowledge base, enthusiasm for her job, professional ethics, organization, sensitivity to our aesthetic requirements, loyalty and gentle perseverance set her apart.”
-- Bill and Carol Seidel
Marilyn Garcia, PhD Broker Associate, Realtor® CA DRE LICENSE #01355514
The Grubb Company 1656 Shattuck Avenue Berkeley, CA 94709
Direct: (510) 390-5406
THE OUTLOOK: North Berkeley & the Berkeley Hills, Annual 2021 & Winter 2021-22 results
It’s time as usual to look at the previous year’s results for our local real estate market, and also talk about the results for the winter season just ended. 2021 started off with a bang. A big upswing in buyer interest led to major competition between buyers, which led to big price increases. The craziness moderated somewhat later in the year as interest rates started increasing and more homes came on the market for sale, but values stayed at the new higher levels. In 2021, there were more properties on the market in both North Berkeley (127 active listings) and [...]
THE OUTLOOK: North Berkeley & Berkeley Hills, Fall 2021 results
I mentioned in the last newsletter that the market seemed to be cooling off a bit from the spring frenzy, and that was true through most of the fall season. That has changed recently (the market has been crazy hot again in December!), but we won’t have data on that until next year, when the currently pending sales have closed escrow. Over the fall, inventory was relatively high, and it was the competition between properties that made the market a little cooler than earlier in the year. Prices are still sky-high though. Sales over $2 million are now not uncommon [...]
THE OUTLOOK: North Berkeley & Berkeley Hills, Summer 2021 wrap-up
I have been getting lots of questions lately about the state of the market, with people mentioning news articles that cite slowing. Our local market was not quite as crazy over the summer as it was over the spring, and that seems to be continuing into the fall. However, the spring was sooooooo crazy, that even with a little cooling, the market is still very solid. **** BERKELEY HILLS There were 96 active listings in the hills for the summer 2021 season (June through August), and 66 properties closed escrow. These numbers are up from the spring, which is not [...]
THE OUTLOOK: North Berkeley & Berkeley Hills, Spring 2021 wrap-up
I am definitely a data-lover (I know that will not come as a surprise!), but I have been especially looking forward to analyzing the data for Spring 2021. The Berkeley market has been super hot since the start of the year, and the spring results are where that should show up. **** BERKELEY HILLS Over the spring season, there were 75 active listings in the hills, and 59 properties sold. These numbers are both higher than for Spring 2020 (not surprisingly, given that was the start of the pandemic shut-downs), and they’re also higher than in Spring 2019. Properties were [...]
THE OUTLOOK: North Berkeley & Berkeley Hills, Winter 2020-21 wrap-up
As always in the March/April newsletter, I’m going to review both the data for the past year, and also look at the winter quarter results (for December through February). *** 2020 Results: 2020 was a surprisingly solid year in local real estate, despite a big lull in activity with the first shelter-in-place. After just a few weeks, though, real estate was deemed an essential service, and activity gradually picked back up. Berkeley Hills 150 properties sold in the Berkeley hills in 2020, which is a bit fewer than in 2019, but there were also fewer homes on the market. Properties [...]
THE OUTLOOK: North Berkeley & the Berkeley Hills, Annual 2021 & Winter 2021-22 results
It’s time as usual to look at the previous year’s results for our local real estate market, and also talk about the results for the winter season just ended.
2021 started off with a bang. A big upswing in buyer interest led to major competition between buyers, which led to big price increases. The craziness moderated somewhat later in the year as interest rates started increasing and more homes came on the market for sale, but values stayed at the new higher levels.
In 2021, there were more properties on the market in both North Berkeley (127 active listings) and in the Berkeley hills (272 active listings) than we’ve seen for years, but it was still not enough inventory for all the interested buyers.
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NORTH BERKELEY
115 North Berkeley properties sold over the year, and 79% of the sales were for more than list price. List prices have not increased as much as values have, so all last year (and continuing now) we saw even more serious overbidding than is typical for this area. For the properties that sold over list price, the average was 30% over, but more than 50% above list was not uncommon. Some Berkeley properties sold as high as double the list price.
The median sold price for 2021 in North Berkeley was $1,650,000, which was an increase of 22% over 2020. Sold price per square foot, at $984 per square foot, was 11% higher than the previous year.
The winter season just ended (December 2021 through the end of February 2022) was very similar to the start of last year, with intense buyer interest. Inventory was back to its usual low level (there were only 18 active listings, and 17 sales for the 3 months), but buyers again seemed extra motivated and there were some epic bidding wars.
The median sold price for the winter season was $1,550,000. This figure is lower than for 2021 because more small properties sold, but it is 30% higher than last winter. The average sold price per square foot from December to February was a whopping $1091, which is up 10% from the fall, and up 29% compared to last winter.
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BERKELEY HILLS
234 properties sold in the hills during 2021. 52% of them sold above list price, by 25% over on average, but again, far far greater overbids (by $1 million or more) were also happening.
The median sold price in 2021 for the Berkeley hills was $1,700,000, which was an increase of 13% over 2020. Average sold price per square foot, at $861 per square foot, was 12% higher than the previous year.
For this past winter season (December 2021 through the end of February 2022), inventory was low (there were 44 active listings, and 38 sales for the 3 months), but buyer interest was intense. The median sold price for the winter season was $1,925,000, which is 24% higher than last winter. The average sold price per square foot was $899, which is up 11% from the fall, and up 12% compared to last winter.
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So far spring, 2022 is looking like more of the same. Inventory is picking up somewhat, but the prospect of higher interest rates to come (because of higher inflation) is keeping buyers motivated and the competition for available properties very high.
THE OUTLOOK: North Berkeley & Berkeley Hills, Fall 2021 results
I mentioned in the last newsletter that the market seemed to be cooling off a bit from the spring frenzy, and that was true through most of the fall season. That has changed recently (the market has been crazy hot again in December!), but we won’t have data on that until next year, when the currently pending sales have closed escrow. Over the fall, inventory was relatively high, and it was the competition between properties that made the market a little cooler than earlier in the year.
Prices are still sky-high though. Sales over $2 million are now not uncommon in Berkeley (there were 9 over the fall season in North Berkeley and 15 in the hills), and for the first time ever, we’re regularly seeing sales over $3M (there were two in North Berkeley and 6 in the hills in the fall).
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NORTH BERKELEY
There were 49 active listings in North Berkeley over the fall, and 37 properties sold. These figures are higher than both this past summer, and last fall. The average number of days on the market for the sold properties was 13, which means that almost everything sold as soon as the sellers started accepting offers.
The median sold price from September through November was $1,715,000 in North Berkeley. This is up 8% from the summer, and up 23.5% from last fall. The average size of the sold properties was a bit larger than is typical, which corresponds with a more modest increase in sold price per square foot. On average, properties in North Berkeley sold for $988 per square foot, which is 5% higher than over the summer, and up 7% from last fall. Most of the sales — 89% — were for more than list price, on average 31% above list price for those that went over. Eleven of the sales were for 40% or more above list price, up to a high of 67% over list.
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BERKELEY HILLS
There were 90 active properties in the hills over the fall, and 73 properties sold. The average number of days on the market for the sold properties was 14.
The median sold price from September through November was $1,730,000. This is up 8% from the summer, and up 13% from last fall. Average sold price per square foot over the fall was $812, which is lower than over the summer, but up 3% from last year.
Most of the sales —79% — were for more than list price, on average 23% over, but results were mixed. 15 of the sold properties went for list price or under. At the opposite extreme, 11 of the sold properties went over list price by more than 40% (up to a high of 81% over). Eleven of the sold properties needed price changes — 3 reduced their list price, and 8 increased it — before finding a buyer.
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For the winter season (starting December 1st), the weather has cooled off, but the market has heated way up, in a way I’ve never seen before in my 19 years in real estate. The combination of a lot of motivated buyers and a lack of inventory (because winter is usually — at least in the past — not the best time to sell) has led to some epic bidding wars. We’ll see those results in the next issue. Until then, I send you my best wishes for the holiday season, and for all of the new year!
THE OUTLOOK: North Berkeley & Berkeley Hills, Summer 2021 wrap-up
I have been getting lots of questions lately about the state of the market, with people mentioning news articles that cite slowing. Our local market was not quite as crazy over the summer as it was over the spring, and that seems to be continuing into the fall. However, the spring was sooooooo crazy, that even with a little cooling, the market is still very solid.
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BERKELEY HILLS
There were 96 active listings in the hills for the summer 2021 season (June through August), and 66 properties closed escrow. These numbers are up from the spring, which is not surprising — a big upward surge in prices generally inspires some sellers who were on the fence to list their properties. Properties sold on average after only 14 days on the market, which is quite fast.
The median sold price from June through August in the hills was $1,600,000. This is down a bit from the spring, but up 11% from last summer. A whopping 86% of the sales were for more than list price, which goes along with the low number of days on the market — most properties sold as soon as offers were accepted, with multiple offers. The average successful overbid was 20% over list price, and 10 of the sold properties went for 40 to 60% over list price.
The average sold price per square foot was $886 over the summer, which, like the median sold price, is down slightly from the spring, but still up 14% from last summer. As always, there was a big range. On the low side, three properties sold in the $400s per square foot (these were all large homes; the smallest was over 3600 square feet). 17 properties sold between $1000 and $1150 per square foot, and only two sold for more than $1150 per square foot. The highest sold price per square foot was $1562, for a property on San Luis. That property had many features that correspond with high price per square foot in our market: it’s a small (1184 square feet), architect-designed mid-century property, in the lower hills, on a larger lot, with panoramic views.
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NORTH BERKELEY
There were 41 active listings in North Berkeley for summer 2021, and 34 properties closed escrow. These numbers are up from the spring, and there were also a relatively high number of condos and townhouses on the market over the summer. Properties in North Berkeley sold on average in 20 days on the market.
The median sold price from June through August was $1,582,500 in North Berkeley. This is up slightly (0.2%, or $2,500) from the spring, and up 20% from last summer. 71% of the sales were for more than list price, on average 29% above list price for those that went over. Six of the sales were for 40% or more above list price, up to a high of 67% over list.
The average sold price per square foot was $943 over the summer, which is down slightly from the spring, but still up 6% from last summer. There was a big range here too (similar to the hills). One large home (over 4000 square feet) sold for $418 per square foot, at the low end. 14 of the sold properties went for over $1000 per square foot, and of those, two went over $1500 per square foot. One was a 3-bedroom house on Virginia, which sold for $1505 per square foot, and the other was my two-bedroom listing at 1726 Francisco, which sold for $1586 per square foot.
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So far this fall, we’re still seeing good buyer interest, with multiple offers on many properties— not as many offers per property as in the spring, but still enough to get great results for sellers. For buyers, it’s still a quite challenging market.
THE OUTLOOK: North Berkeley & Berkeley Hills, Spring 2021 wrap-up
I am definitely a data-lover (I know that will not come as a surprise!), but I have been especially looking forward to analyzing the data for Spring 2021. The Berkeley market has been super hot since the start of the year, and the spring results are where that should show up.
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BERKELEY HILLS
Over the spring season, there were 75 active listings in the hills, and 59 properties sold. These numbers are both higher than for Spring 2020 (not surprisingly, given that was the start of the pandemic shut-downs), and they’re also higher than in Spring 2019. Properties were on the market for 22 days on average, which is pretty typical. Not so typical were the prices. The median sold price from March through May in the hills was $1,675,000. This is an increase of 8.2% from the winter, and an increase of 11.7% from last spring. With relatively high inventory, these results are even more impressive. There were 8 properties that sold under $1M, and 6 of these were condos. 29 properties sold between $1M and $2M, and 22 properties sold above $2M. 78% of the sales were for more than list price, and those averaged 27% over list (almost double the average of 14% over list price last quarter). The average number of offers (when reported) was 7 per property, and the highest number of offers was 29, for a mid-century with great views and a level yard.
The average sold price per square foot was $899 this spring. This is up 12.5% from the winter, and up 23.4% from last spring. There was a huge range in sold price per square foot, from a low of $499 (for a fairly large, tenant-occupied property), to a high of $1430 (for the smallest single family home that sold).
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NORTH BERKELEY
In North Berkeley, there were 33 active listings, and 25 properties sold during Spring 2021. These numbers are a little higher than last spring (not surprisingly, given that was the start of the pandemic shut-downs), and they’re pretty similar to Spring 2019. Properties were on the market for 27 days on average, which is on the high side, reflecting longer times to sell for a complicated fixer and 2 condos.
The median sold price was $1,580,000, which is an increase of 18.1% from last spring. 5 properties sold under $1M — 4 condos and a fixer. 16 properties sold between $1M and $2M, and 4 properties sold above $2M. 72% of the sales were for more than list price, and those averaged 30% over list.
The average number of offers, when reported, has been between 4 and 6 offers per property over the last several years. This number is up significantly this spring. The average number of offers for Spring 2021 was 9 per property, and the highest was 26 offers, for my listing on Grant Street.
Over the spring in North Berkeley, the average sold price per square foot was $967. This is an increase of 14% from last quarter, and up 5.8% from Spring 2020. Sold price per square foot ranged from a low of $594 (for the second-largest sold property) to a high of $1440 (for the smallest single family home that sold).
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Interest rates remain very low, interest in Berkeley properties remains very high, and the business of real estate is gradually getting back to its pre-pandemic practices. Offices are mostly open, but many of us are still working primarily from home. The biggest change is that brokers’ tour and open houses are allowed again. Hope to see you out there one of these days!
THE OUTLOOK: North Berkeley & Berkeley Hills, Winter 2020-21 wrap-up
As always in the March/April newsletter, I’m going to review both the data for the past year, and also look at the winter quarter results (for December through February).
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2020 Results:
2020 was a surprisingly solid year in local real estate, despite a big lull in activity with the first shelter-in-place. After just a few weeks, though, real estate was deemed an essential service, and activity gradually picked back up.
Berkeley Hills
150 properties sold in the Berkeley hills in 2020, which is a bit fewer than in 2019, but there were also fewer homes on the market. Properties sold in an average of 22 days (excluding the Spring Mansion at 1960 San Antonio, which was on the market for 1340 days). The median sold price in the hills was $1,500,000 for 2020, which is up 5.3% from the previous year. 70% of the sales were for more than list price, and those averaged 14% over list. The average sold price per square foot was $770, which is up 3% from 2019.
North Berkeley
A total of 88 properties sold in North Berkeley in 2020, in an average of 18 days on the market. This is more sales, with less time on the market, compared to the previous year. The median sold price in North Berkeley was $1,350,000, which is unchanged from 2019. More than 3/4 of the sales in 2020 were for more than list price, and those averaged 22% over list. The average sold price per square foot was $890, which is up 1.8% from 2019.
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Winter Results (December 1, 2020 – February 28, 2021):
Berkeley Hills
The median sold price in the hills over the winter quarter was $1,547,500, which is up slightly (0.8%) from the fall and more significantly (by 9.8%) from last winter.
North Berkeley
There were very few sales in North Berkeley over the winter (only 8), so the data is heavily influenced by the characteristics of the properties that sold. 3 of the 8 sales over the winter were small (relatively inexpensive) condos. One of those condos was also a below-market-rate unit (BMR), which means that it must be sold for a restricted, pre-set price ($201,815 in this case). Because these small properties made up a big proportion of the sales, the median sold price over the winter was lower, at $1,195,000, which is lower than in either the fall of 2020, or the previous winter. Despite this data point, single family homes have been selling incredibly well so far in 2021, with loads of offers (we got 26 offers on my listing at 1726 Grant) at very high prices.
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Interest rates have started creeping up a bit recently (to a little over 3% in many cases), but buyer interest remains intense right now, and the results for the spring season should reflect that!
Your Real Estate Expert for Berkeley and Beyond
“Marilyn is exceptional. Her knowledge base, enthusiasm for her job, professional ethics, organization, sensitivity to our aesthetic requirements, loyalty and gentle perseverance set her apart.”
-- Bill and Carol Seidel
Marilyn Garcia, PhD Broker Associate, Realtor® CA DRE LICENSE #01355514
The Grubb Company 1656 Shattuck Avenue Berkeley, CA 94709
Direct: (510) 390-5406