2016 has been a strong year in Berkeley real estate, with prices continuing to increase, particularly in the condo market, which is relatively small in Berkeley.

Below are some stats about market performance in Berkeley in 2016, as well as how these figures compared to 2015. All data was taken from the East Bay MLS.

We'll also summarize what this data means for you!


Single-Family Homes (Averages from 2016)

List PriceSold PriceSold-to-List Price
Days on Market
$1.052M
(Up 4%)
$1.235M
(Up 5.8%)
117.4%
(Up 2%)
19 Days
(No Change)

Condos, Townhouses, and Lofts (Averages from 2016)

List PriceSold PriceSold-to-List Price
Days on Market
$627K
(Up 15.5%)
$706K
(Up 13.7%)
112.6%
(No Change)
22
(Down 2)

All Property Types (Averages from 2016)

List PriceSold PriceSold-to-List PriceDays on Market
$997K
(Up 7.0%)
$1.167M
(Up 8.6%)
117%
(Up 1.7%)
20
(No Change)


What's Causing These Changes?

The Berkeley market continues to be popular, both with newcomers (from San Francisco and beyond) as well as existing residents that are moving up. 

As prices for single-family homes have moved well above the $1M price point, we've seen a substantial increase in condo prices as many buyers are seeing that as their most accessible entry to the Berkeley real estate market.

What Does This Mean For Buyers?

Prices are continuing to increase, and interest rates are still near all-time lows, despite rising slightly over the last month. It's a great time to purchase and take advantage of amazing rates on mortgage loans.

"Overbidding" (paying over list price) is still the norm in our market, but keep in mind that many sellers intentionally price below market value in order to generate multiple offers. Berkeley tends to have some of the largest differences between list and sales prices in all of the East Bay, with winning offers often being 20% or more over the asking price.

What Does This Mean For Sellers?

Inventory is still very low, with most properties receiving multiple offers. 2017 will be a great year to sell as there is a lot of pent-up buyer demand.

That being said, even in our strong market, well-marketed homes with professional staging, new paint, or other repairs are mostly likely to fetch the most interest and the strongest sales prices.