October 30, 2007

Berkeley Is A Buyer’s Market — It’s Official

Two nifty new charts from Altos Research clarify the state of play in Berkeley’s property market.

The Median Home Price Trends chart (above) shows the current median price for a single family home in the city, which, as of October 28, was $718,982.

More significant in terms of trends, is Altos’ latest Market Action Index (above). The research company calls this their barometer of real estate supply and demand. A value above 30 indicates demand is relatively robust — in other words, its a seller’s market. Below 30 is deemed to be a buyer’s market. The median market action index for Berkeley as of October 28 was 24.

I know which side of the coin I’d rather be on.

More facts and figures from Altos can be found on their website here.