2016 has been a busy year in Oakland real estate, with interest from new residents and businesses continuing to surge.

Below are some stats about market performance in Oakland 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 PriceDays on Market
$679k
(Up 12%)
$765k
(Up 11%)
112.6%
(Down .6%)
23 Days
(Down 1)

Condos, Townhouses, and Lofts (Averages from 2016)

List PriceSold PriceSold-to-List Price
Days on Market
$529k
(Up 12%)
$574k
(Up 11%)
108.5%
(Down 1%)
21
(Down 2)

All Property Types (Averages from 2016)

List PriceSold PriceSold-to-List Price
Days on Market
$644k
(Up 12%)
$721k
(Up 11%)
111.9%
(Down .6%)
21
(Down 2)


What's Causing These Changes?

Simply put, interest in real estate in Oakland is higher than ever. Many of our buyer clients are moving out of San Francisco and buying their first home in the East Bay, and sellers are taking advantage of the increase in prices to sell and move up.

Large residential developments like Brooklyn Basin and office developments (most notably the new Uber offices coming to 19th and Broadway) have also dramatically increased interest from developers. Oakland even has one of the hottest commercial real estate markets in the country right now as demand for new restaurants, shops, and office space is at an unprecedented high. 

What Does This Mean For Buyers?

Prices are still increasing, and interest rates are still near all-time lows, despite rising slightly over the last month. It's still 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.

What Does This Mean For Sellers?

Inventory is still low, with most properties receiving multiple offers over list price. 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.