Wednesday, October 31, 2012

Piedmont Real Estate Update--3Q12

For the first time in a few years, we saw not only an increase in velocity in this year's spring market, but also an increase in prices.  That trend endured through the third quarter, where the average sales price of a Piedmont home was $1.663 million or $537/sf.  The average price was pulled up by some high-priced sales, though the median too rose from $1.257M to $1.357M between 2Q12 and 3Q12.

The typical home sold for 2.5% over the asking price in an average 23 days, with a median days on market of only 13 days--reinforcing the velocity of the quarter's market activity.  In contrast to other parts of the East Bay, where volume has dropped significantly, the number of Piedmont sales has been quite steady these last few third quarters, and surprisingly, activity remained steady after school started.

Prices ranged from $580,000 to $6.55 million; two of these were distressed sales.

The California Association of Realtors reports that home prices are up about 15% year over year through September, 2012; those in Alameda County are up 7.5% and San Mateo is pushing the region-wide average up at 21.7%.  Median times on market and the proportion of inventory that remains unsold both are declining as the market enters the recovery phase. Multiple offers continue to be the norm in Piedmont up to about $2.2 million.

If you're planning to make that move in the spring, give me a call now to begin the process.  I can link you up with a great realtor wherever you might be heading, I can pass on a collection of material about streamlining the moving process, and of course can provide advice about cost-efficient steps to prep your home for market.

If you're thinking about buying in Piedmont, don't forget to ask me for my list of offer strategies--beyond price--that make your offer more attractive than the competition.

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