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!
