Oakland California
Nestled on the east side of the San Francisco Bay, Oakland is a vibrant city that offers a unique blend of urban energy, diverse culture, and natural beauty. Here's what you can expect when living in Oakland:
Diverse Community: Oakland is renowned for its rich cultural heritage, and its residents represent a wide range of ethnic, racial, and socioeconomic backgrounds. This diversity is reflected in the city's numerous cultural events, festivals, and neighborhoods.
Arts and Culture: The city boasts a thriving arts scene, from the historic Fox and Paramount Theaters that host concerts and events to the many art galleries, murals, and street art that adorn the city.
Culinary Delights: From food trucks to high-end restaurants, Oakland offers a culinary journey around the world. Popular streets like Telegraph Avenue and neighborhoods like Temescal are packed with eateries offering global flavors.
Natural Beauty: Situated between the bay and the hills, Oakland provides numerous outdoor opportunities. Residents can enjoy the picturesque Lake Merritt, hike in Joaquin Miller Park, or explore the Redwood Regional Park.
Sports: Historically, Oakland has been home to various professional sports teams. While some have relocated, the city remains passionate about its sports.
Weather: Oakland enjoys a Mediterranean climate, which means mild, wet winters and dry, warm summers. Its location on the bay often leads to cooler temperatures and more consistent climate compared to its inland neighbors.
Accessibility: With an extensive public transportation system, including BART (Bay Area Rapid Transit) and AC Transit, Oakland is well-connected to other parts of the Bay Area. The city is also home to the Oakland International Airport.
Economic Growth: Over the years, Oakland has experienced significant economic growth, with tech companies and startups setting up shop in the city. This has contributed to the city's burgeoning job market and its position as a significant economic hub in the Bay Area.
Social and Political Activism: Oakland has a long history of social and political activism, from the Black Panther Party in the 1960s to contemporary movements. The city is known for its progressive values and active community engagement.
Gentrification and Housing: Like many urban areas in the US, Oakland has faced challenges related to gentrification, rising housing costs, and displacement of long-time residents. If considering a move, it's essential to be mindful of these dynamics and their implications.
In conclusion, Oakland offers a unique blend of urban living, cultural experiences, and natural beauty. Like any city, it has its challenges, but many find its charm, diversity, and energy to be irresistible reasons to call it home.
What is Your Home Worth?
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Market Action Index (MAI)
Answers the question It’s an indicator of supply and demand and overall market competitiveness; i.e. whether it’s a buyer’s or seller’s market, or if the market is heating up or cooling off. “How’s the market?” by comparing the current rate of sales versus inventory plus additional demand metrics.
- A MAI of around 30 indicates a balanced market, with just enough supply to meet demand.
- A MAI in the low 20s or below is a buyer’s market, with more supply than demand and prices declining in the future.
- A MAI of 35 or more points to a seller’s market, with demand outpacing supply and prices starting to rise.
- A MAI of 45 or more is a strong seller’s market. inventory is very tight, demand is high, and prices are likely climbing.
Median Price Vs. New Listings Median Price
Median Prices Explained
Median List Price is the median price of homes for sale in the market. It is the most useful, accurate measure of the current market. If you see that the market’s Median List Price is climbing today, you’ll see sales prices and home values in that market climbing in the future. You can look at Median List Price as a barometer of sellers’ current confidence levels, as current individual pricing decisions are based on recent pending and closed transactions.
New Listings median Price
When I price a listing, I have the knowledge of all the recent activity nearby. I know if the house down the street got multiple offers in the first week, and I price the home accordingly
Inventory Explained
Inventory tells you how many homes are for sale in each market. Watch the inventory count for early indicators that sellers are returning to the market, and how fast. Inventory typically peaks in late June, with a trough in the second week of January. Rising inventory typically favors buyers, while tightening inventory favors sellers.
The inventory chart shows both 7 day and 90 day trends.
Inventory
Average Days on Market Vs. Median Days on Market
Days on Market Explained
Days on Market (DOM) is a measure of market velocity – how long it takes homes to sell. A non-seasonal increase in DOM could indicate some softness in the market; a drop in DOM points to a market that’s heating up.
DOM typically starts falling at the end of March during the peak buying season of April through June, then starts to climb in the second half of the year. However, this seasonal trend can vary depending on the market and the unique seasonal attributes of the area
Look at a couple of years of your market’s data to determine what’s “normal” for your area in each month
Percent Increased and Decreased Price Explained
$ Price Decrease
The percent of active listings that have received a price decrease is a measure of demand. In a normal market, we tend to see about 30-35% of sellers initially over-price their homes and eventually reduce the price to attract buyers. Below 30% signals solid demand at prevailing prices, while 40% or more generally indicates reduced demand
price decreases happen more in the fall when it’s time to move the listings before the holidays
$ Price Increase
Price increases, on the other hand, are usually under 5%. When you see price increases climbing, it’s often a sign of investor activity in a market, iBuyers and flips – or simply very high demand. This is a bullish signal for future sales prices and home values.
Increased Price Percent Vs. Decreased Price Percent
Relisted Percent
Relisted Inventory Explained
Percent Relisted points to deals falling through or listings expiring – the percent of homes on the market which we’ve seen listed, withdrawn and relisted
In a normal market, we typically see Percent Relisted under 10%, and in hot markets it’s just a couple percent. Contracts are much less likely to fall through or listings to be withdrawn when the buyers are most active.
Keep an eye on this stat as you're making decisions about buying or selling. As Percent Relisted increases, it tells us that weakening competition is creating opportunity for buyers. If Percent Relisted climbs dramatically, as it did in the summer of 2006, this can be an early signal of a coming market correction. Also remember to run this number for different price segments, as the market for higher-priced homes may behave differently.
| Segment | Median Price | Beds | Baths | Average Sqft | Price/Sqft | Age | DOM |
|---|---|---|---|---|---|---|---|
| Top 25% | $1,434,064 | 4 | 3 | 2,629 | $672 | 78 | 20 |
| Upper 25% | $911,946 | 3 | 2 | 1,624 | $589 | 100 | 30 |
| Lower 25% | $691,283 | 3 | 2 | 1,321 | $551 | 101 | 36 |
| Bottom 25% | $529,596 | 2 | 1 | 1,054 | $499 | 99 | 38 |