Summer 2018

Your Real Estate Expert for Berkeley and Beyond

  • Deep Market Knowledge
  • Analytical, Strategic, Creative
  • Honest, Adept, Direct

“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

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: Berkeley Hills, Summer 2018 wrap-up

I mentioned in the last newsletter that there have been some rumblings of changes in the market, with higher inventory spreading out the buyer pool.  This was true again over the summer in the hills.  We had 68 active listings over the summer, compared to 66 last summer, 63 in summer 2016, and only 41 in summer 2015. Happily there were also lots of sales over the summer — 61 properties sold in the Berkeley hills. The higher number of properties competing for buyers did show in prices somewhat.  The median sold price for the summer was $1,375,000, and the [...]

By |September 28th, 2018|Berkeley Hills, Coldwell Banker, Data, Housing Market, Real Estate Trends|

THE OUTLOOK: North Berkeley, Summer 2018 wrap-up

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 [...]

By |September 28th, 2018|Coldwell Banker, Data, Housing Market, North Berkeley, Real Estate Trends|

REAL ESTATE ANSWERS: Why are there so many wild turkeys around these days?

This is not exactly a real estate question, but it is something I have been really wondering about myself! When I was growing up, I don’t remember ever encountering a wild turkey.  Now it seems they’re everywhere, not just in the Bay Area, but in other parts of the country as well.  A quick google search turns up articles about the abundance of wild turkeys in Massachusetts, Alabama, Chicago, Tennessee, Ohio, and lots of other places.  Just a few days ago, I sat in my car at a stoplight and watched a gang of turkeys cross Marin Avenue at the [...]

By |September 28th, 2018|General Interest|

THE OUTLOOK: Berkeley Hills, Summer 2018 wrap-up

I mentioned in the last newsletter that there have been some rumblings of changes in the market, with higher inventory spreading out the buyer pool.  This was true again over the summer in the hills.  We had 68 active listings over the summer, compared to 66 last summer, 63 in summer 2016, and only 41 in summer 2015.

Happily there were also lots of sales over the summer — 61 properties sold in the Berkeley hills. The higher number of properties competing for buyers did show in prices somewhat.  The median sold price for the summer was $1,375,000, and the average sold price per square foot was $713.  Both of these numbers are down from the spring, but the good news is, they are both a good bit higher than last summer.  Median sold price is up 15% from a year ago, and average sold price per square foot is up 9%.

The average number of days on the market crept up slightly relative to the spring and to last summer, but was still only 19 days, which is nothing to complain about.  7 of the 61 sold properties had price reductions before selling, but on the flip side, 80% of the sold properties went for more than list price.  For those properties that went over, the average was 19% above list price.

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 8 offers, and 3 properties had 10 or more offers.  Not surprisingly, the properties with the double-digit number 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.

Overall, the market was a bit less crazy over the summer than it has been for the last few years.  Buyers are a little more cautious, and they have had more properties to choose from.  In this environment, 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 OUTLOOK: North Berkeley, Summer 2018 wrap-up

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!

 

REAL ESTATE ANSWERS: Why are there so many wild turkeys around these days?

This is not exactly a real estate question, but it is something I have been really wondering about myself! When I was growing up, I don’t remember ever encountering a wild turkey.  Now it seems they’re everywhere, not just in the Bay Area, but in other parts of the country as well.  A quick google search turns up articles about the abundance of wild turkeys in Massachusetts, Alabama, Chicago, Tennessee, Ohio, and lots of other places.  Just a few days ago, I sat in my car at a stoplight and watched a gang of turkeys cross Marin Avenue at the very busy intersection of San Pablo. They were even using the crosswalk!

An article from last November in the Washington Post (not surprisingly, published just before Thanksgiving) talks broadly about the history of wild turkeys in the U.S.. Wild turkeys were abundant at the time when the first European settlers landed, although they were supposedly not on the menu at the first Thanksgiving dinner. Over time, unrestricted hunting decimated the wild turkey population, until the early 20th century when there were only about 200,000 wild turkeys in the lower 48 states, living mostly in remote areas.  Conservation efforts began after World War II, and they became very successful when they started trapping wild birds and relocating them to areas with “turkey deficits.”  The wild turkey population rebounded, reaching a high of 7 million in 2004.  Wild turkey numbers nationally have since fallen to about 6 million, but it doesn’t seem like the numbers are going down in this area!

More locally, an SFGate article suggests that extended drought in past years led turkeys to move from dry wilderness areas to irrigated urban areas.  So even though the total wild turkey population has gone down nationally, we are seeing more of them in the Berkeley area. Once the turkeys have moved to a more urban environment, they thrive, with few predators and limited (or no)hunting.

The Washington Post and SFGate articles are available online:

https://www.washingtonpost.com/news/animalia/wp/2017/11/22/heres-the-deal-with-all-those-turkeys-terrorizing-the-suburbs/?noredirect =on&utm_term+.9255bf138765

https://www.sfgate.com/news/article/wild-turkeys-California-depredation-permit-poop-12309195.php

 

By |September 28th, 2018|Categories: General Interest|Tags: , , , , |

Your Real Estate Expert for Berkeley and Beyond

  • Deep Market Knowledge
  • Analytical, Strategic, Creative
  • Honest, Adept, Direct

“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

Marilyn Garcia, PhD Broker Associate, Realtor® CA DRE LICENSE #01355514

The Grubb Company 1656 Shattuck Avenue Berkeley, CA 94709

Direct: (510) 390-5406

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