Oakland: Analyze This
The latest edition of SFGate.com shows 70 sales recorded in Oakland from April 30 to May 7th 2008. That’s more than double the number recorded during a period I looked at in the winter (see my post on February 2008 sales in Oakland here). Given that Oakland seems to have the largest volume of sales in Alameda County, I thought it might be interesting to see the breakdown in price for these homes. Thanks to PowerPoint, I was able to whip up the above graph for your analyzing pleasure. Of the 70 sales, the vast majority (60%) are under $499k; approximately 12% are in the $500-599k range and 4% are in each range of $600, $700 and $800k respectively. The stats dip to less than 3% of homes selling in the $900-999k range then shoot back up to 11% of homes selling for over $1 million.
So what do you make of this? As is well-known (and widely discussed on the Sweet Digs blog) the housing implosion has caused home prices to radically drop. Although homes at all prices are experiencing foreclosures, the majority of these are on the lower-end of the price range. In this dataset, the majority of homes sold are under $499k, and the largest subset of these are in the under $399k range. My guess is that the large volume of these sales are due to the bank buying them back. The other phenomenon that may be happening is investment. At the very peak of the bubble, home prices were so high that few homes could be bought to either flip or rent out (as occurred in droves during the climb to the peak). Now I’m wondering if the surge in sales under $399k can be attributed to not only bank buy-backs but to investors hoping to flip and/or rent out.
The smaller number of homes sold in the $600-999k ranges says to me that folks in this price range are better able to weather the economic downturn. In general, they are foreclosing less but mainly deciding to stay put and waiting to sell until the market begins to climb again.
Homes in the $1 million and above range continue to sell; a “protected class”? To what degree?
What are your thoughts?
List of Sales (click on “More” to see full list)
| 2033 101st Avenue $185,000, sold 05-02-08, 3 bdrms, 1048 sq. ft., 1921 1020 102nd Avenue $215,000, sold 04-30-08, 2 bdrms, 1012 sq. ft., 1941 2181 103rd Avenue $145,000, sold 05-02-08, 2 bdrms, 855 sq. ft., 1940 2016 106th Avenue $213,000, sold 05-06-08, 2 bdrms, 1065 sq. ft., 1938 2369 107th Avenue $180,000, sold 05-01-08, 2 bdrms, 768 sq. ft., 1926 2728 35th Avenue $550,000, sold 05-06-08 2309 38th Avenue $270,000, sold 05-05-08, 2 bdrms, 1000 sq. ft., 1923 288 3rd Street #506 $370,000, sold 05-02-08, 1 bdrms, 866 sq. ft., 2006 1609 51st Avenue $314,000, sold 05-01-08, 2 bdrms, 831 sq. ft., 1907 1301 52nd Avenue $190,000, sold 05-01-08, 2 bdrms, 845 sq. ft., 1920 1226 53rd Avenue $80,000, sold 05-02-08, 3 bdrms, 814 sq. ft., 1905 919 53rd Street $529,000, sold 04-30-08, 3 bdrms, 1286 sq. ft., 1910 3000 55th Avenue $355,000, sold 04-30-08, 2 bdrms, 1138 sq. ft., 1925 994 55th Street $241,500, sold 05-01-08, 2 bdrms, 1006 sq. ft., 1912 |
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1003 62nd Street $266,000, sold 04-30-08, 2 bdrms, 832 sq. ft., 1945 2315 63rd Avenue $150,000, sold 05-01-08, 2 bdrms, 874 sq. ft., 1924 529 63rd Street $500,000, sold 05-02-08, 4 bdrms, 1390 sq. ft., 1911 1203 66th Street $571,000, sold 04-30-08, 2 bdrms, 1528 sq. ft., 2006 2722 79th Avenue $192,000, sold 05-06-08, 2 bdrms, 977 sq. ft., 1925 1114 7th Avenue $420,000, sold 04-30-08, 2265 sq. ft., 1905 423 7th Street #301 $313,000, sold 05-06-08 3227 82nd Avenue $250,000, sold 05-06-08, 2 bdrms, 1089 sq. ft., 1940 585 9th Street #450 $465,000, sold 05-06-08 2621 Abbey Street $270,000, sold 05-02-08, 3 bdrms, 1110 sq. ft., 1937 857 Alma Place $837,000, sold 05-07-08, 4 bdrms, 2236 sq. ft., 1925 7506 Altura Place $617,000, sold 04-30-08, 4 bdrms, 2817 sq. ft., 1992 5642 Amy Drive $1,375,000, sold 05-06-08, 4 bdrms, 2695 sq. ft., 1930 25 Armanino Court $901,000, sold 05-02-08, 4 bdrms, 1600 sq. ft., 1924 6801 Armour Drive $618,000, sold 05-07-08, 4 bdrms, 1929 sq. ft., 1963 6927 Arthur Street $175,000, sold 05-02-08, 2 bdrms, 906 sq. ft., 1920 3410 Birdsall Avenue $407,000, sold 05-06-08, 2 bdrms, 2100 sq. ft., 1929 1074 Calcot Place $179,000, sold 05-07-08, 4 bdrms, 1158 sq. ft., 1908 6119 Canning Street $950,000, sold 05-06-08, 3 bdrms, 1739 sq. ft., 1910 2933 Carlsen Street $705,000, sold 05-01-08, 2 bdrms, 954 sq. ft., 1939 5446 Carlton Street $1,287,000, sold 05-02-08, 3 bdrms, 2018 sq. ft., 1919 3226 Chestnut Street $125,000, sold 04-30-08, 1 bdrms, 456 sq. ft., 1951 4 Clipper Hill $1,127,000, sold 05-02-08, 2 bdrms, 2579 sq. ft., 1995 5231 Coronado Avenue $555,000, sold 04-30-08, 3 bdrms, 1237 sq. ft., 1915 5000 Dublin Avenue $665,000, sold 05-02-08, 3 bdrms, 1292 sq. ft., 1948 1935 East 17th Street $284,500, sold 05-06-08, 2 bdrms, 1707 sq. ft., 1903 628 East 19th Street $340,000, sold 05-01-08, 4 bdrms, 2112 sq. ft., 1941 1427 East 36th Street $390,000, sold 05-07-08, 3 bdrms, 1284 sq. ft., 1923 3400 Eden Lane $235,000, sold 05-06-08, 3 bdrms, 1318 sq. ft., 1960 590 El Dorado Avenue $520,000, sold 04-30-08, 2 bdrms, 1346 sq. ft., 1972 3909 Elston Avenue $750,000, sold 05-06-08, 2 bdrms, 1262 sq. ft., 1918 6737 Elverton Drive $1,140,000, sold 05-02-08, 4 bdrms, 2977 sq. ft., 2000 1460 Excelsior Avenue $545,000, sold 05-06-08, 3 bdrms, 2351 sq. ft., 1920 4843 Fairfax Avenue $415,000, sold 05-05-08, 3 bdrms, 1308 sq. ft., 1929 3245 Florida Street $585,000, sold 04-30-08, 3 bdrms, 1538 sq. ft., 1936 3255 Hannah Street $325,000, sold 05-01-08, 3 bdrms, 1143 sq. ft., 1910 9914 Hesket Road $190,500, sold 05-07-08, 3 bdrms, 916 sq. ft., 1944 25 Krohn Lane $1,510,000, sold 04-30-08 5401 Masonic Avenue $1,200,000, sold 05-01-08, 4 bdrms, 2652 sq. ft., 1934 570 Merrimac Street $275,000, sold 04-30-08, 2 bdrms, 1880 sq. ft., 1905 542 Midcrest Road $770,000, sold 05-02-08, 2 bdrms, 1377 sq. ft., 1927 199 Montecito Avenue #402 $450,000, sold 04-30-08, 2 bdrms, 949 sq. ft., 1971 3930 Nevil Street $330,000, sold 05-05-08, 2 bdrms, 1455 sq. ft., 1941 651 Oakland Avenue #3B $310,000, sold 04-30-08, 2 bdrms, 1002 sq. ft., 1967 6482 Outlook Avenue $315,000, sold 05-02-08, 2 bdrms, 1402 sq. ft., 1926 4040 Panama Court $882,500, sold 05-02-08, 3 bdrms, 1506 sq. ft., 1921 6921 Sayre Drive $510,000, sold 05-02-08, 3 bdrms, 1380 sq. ft., 1955 3530 Seminary Avenue $353,000, sold 05-05-08, 4 bdrms, 1724 sq. ft., 1956 423 Seventh Street #508 $377,000, sold 04-30-08 423 Seveth Street #208 $333,000, sold 05-06-08 5851 Snake Road $860,000, sold 05-01-08, 4 bdrms, 2256 sq. ft., 1969 9866 Thermal Street $315,000, sold 05-07-08, 2 bdrms, 1118 sq. ft., 1921 367 Vernon Street #2 $475,000, sold 05-06-08, 2 bdrms, 1044 sq. ft., 1947 128 Vicente Road $1,225,000, sold 05-01-08, 3 bdrms, 3466 sq. ft., 1996 8072 Winthrope Street $393,000, sold 05-02-08, 3 bdrms, 1064 sq. ft., 1925 810 York Street $1,150,000, sold 05-07-08, 6 bdrms, 3761 sq. ft., 1924 |
