After a super hot spring 2019, the North Berkeley market settled down somewhat over the summer. Most properties still sold fast and for great prices, but there were a few that took somewhat longer to sell, and average days on the market overall was up a bit to 19 days. Interest rates though are still fantastic — if you’ve been thinking about doing a refinance, now is a great time to call your favorite loan person!
There were not a lot of active listings in North Berkeley over the summer (only 23), and correspondingly not a lot of sales (only 22, compared to 29 last summer). A relatively high percentage of the sales were condos: 5 of 22 sales, or 23%. Compare this to the spring, when 12% of the sales were condos, and last summer, when it was 14%. The average size of the properties sold was smaller this summer too — only 1565 square feet, compared to over 1800 square feet in both the spring and last summer.
Given that there were more condos and smaller properties sold, it’s not surprising that the median sale price for North Berkeley was lower, at $1,290,000. This is down 10% from the crazy spring season, and down 8% from summer 2018.
The good news is that the average sold price per square foot was higher over the summer, at $936. This is up 3% from the spring, and up 9% from last summer. The increase in price per square foot tells us that the reduction in the median price is more about the type and size of the properties that sold, rather than a major shift in the market.
Only two of the sold properties had price reductions, and 86% of the sales were for more than list price. Just as in the spring, the average amount over for the properties that sold above list price was 28%.
The average number of offers (where reported in the MLS) was 4, down from 6 in the spring, but still plenty to get great results. We are very lucky to live in such a desirable location, both for our own enjoyment, and because there are so many buyers who want to live here too. The market can calm down a bit, and we’re still doing well.