The fall is always an interesting season in our real estate market, because we go from one of the slowest times of the year (just before Labor Day) to one of the busiest times of the year (just after Labor Day). We see what feels like a flood of new listings in September.
Inventory though is always tight in North Berkeley, so it was a small flood — there were only 25 active listings all fall. 20 properties sold, of which 4 were condos and 16 were single family homes. The median sale price for North Berkeley in the fall was $1,337,500. This is up 4% from the summer, and up 5% from fall 2018.
None of the sold properties had price reductions, but one did increase its price (after being on the market a couple weeks and presumably not getting the overbidding they expected). That property, on The Alameda, sold after 36 days on the market, which is high compared to the North Berkeley average of 15 days on the market this fall, but would still be an enviably quick sale in most other areas.
The average sold price per square foot in the fall was $843, which is down 10% from the summer, but up 4% from last fall. Remember though that the sales over the summer included more small properties, which sell for higher prices per square foot. The highest sold price per square foot in the fall was $1,188, for a 2 bedroom, 1 bath home on McGee, and the lowest sold price per square foot was $515, for the same property on The Alameda that had the price increase. That house was also the largest that sold during the fall, with 3595 square feet, so its size is part of the reason for the lower price per square foot.
We’re now in the slowest season of the year for real estate. There’s very little on the market at the moment, as is typical. There are still buyers out there, but a rainy day and a partially dormant garden is not the best time to sell most properties, so there’s not much to choose from. Things definitely will start picking up again in January, and sellers thinking about timing need to weigh the benefits of waiting until the busiest part of the spring, against the greater competition from other listings at that time.
As we head into the new year, I wish you all the best for the holiday season, and for a great 2020!