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Quarterly Real Estate Report Q1 2016
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Jackie Care
Sales Associate
THE MARKET IN UNDER A MINUTE
East Bay / Alameda County
Q1 Market Pulse Video
Get a high-level look at what’s happening and what to expect in this insightful report into the East Bay/Alameda County real estate market.
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East Bay: Q1 Results
East Bay home hunters continued to heavily outnumber sellers in the first quarter of 2016, and the inventory that did come to market usually vanished in less than two weeks. The result was the same sort of bidding wars that have been prevalent over the past couple of years, with well-priced homes in desirable neighborhoods – those in highly walkable locations near BART – seeing the most demand. Homes in the $800,000 to $1 million price point were also popular with buyers.

Even strong El Niño storms didn't keep home shoppers from venturing out in droves; on one of the rainiest weekends in March, a home in Oakland's highly desirable Montclair neighborhood attracted more than 70 eager open-house visitors. Because East Bay buyers will most likely have competition for any attractive home in good condition, we advise hopeful homeowners to come right out of the gate with their best bid.

Looking Forward: With the coming of spring, we anticipate that more East Bay sellers will take advantage of the market and list their homes, providing some relief to buyers who have been frustrated with the low inventory conditions of the past few years. As long as the job market remains favorable, we don't anticipate demand slowing much through the rest of the year.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the charts below includes single-family homes in these communities.
Months’ Supply of Inventory
The months’ supply of inventory is a measure of how quickly the current supply of homes would be sold at the current sales rate, assuming no more homes came on the market. In general, an MSI below 4 is considered a seller’s market; between 4 and 6 is a balanced market; and above 6 is a buyer’s market.
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Sales Price as a Percentage of Original Price
Measuring the sales price as a percentage of the final list price, which may include price reductions from the original list price, determines the success of a seller in receiving the hoped-for sales amount. It also indicates the level of sales activity in a region.
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A Closer Look at the East Bay
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FEATURE STORY
Beyond the Clouds: Economic Sun Rays Continue to Keep the Bay Area Warm
By Selma Hepp, Pacific Union Chief Economist and Vice President of Business Intelligence
The U.S. Economy Is Solidly Marching Forward
To say that we live in the age of information overload is an understatement. If you are not entrenched in economic data, it may be difficult to see the forest from the trees by reading daily news stories. However, after a shaky start to this year, we can now say with some level of certainty that we are on the other side of the tumultuous tunnel and that the economic prospects for 2016 are looking up.

The encouraging signs are both national and international. Nationally, it’s all about jobs. Job growth continues at an exceptional pace; according to the latest U.S. Labor Department survey on new jobs and turnovers, more people – 5.4 million – got a new job in February than in any month since before the recession. Also, we are finally seeing broader improvements in wages, which drive consumption and the service sector. Consequently, industries and companies relying on domestic consumers are doing well.

Businesses affected by a strong dollar and weaker international demand are not doing as well. Internationally, however, the storm has finally subsided. Better news is coming from U.S. trading partners, and oil prices seem to have stabilized. Emerging markets appeared to have weathered the storm, and capital volatility seems to be settling down.
The Bay Area Is the Job Dynamo
The Bay Area has been the shining star in the nation's economic recovery. The region's economic strength originates from the exceptional job growth over the last four years, and the Bay Area still outperforms the rest of the country. Over the past year, some 120,000 jobs were created locally, most in technology and other high-income sectors. An important advantage to tech-sector jobs is that they have a high multiplier rate, meaning that their economic spillover to local economies is higher than most other types of jobs. Job growth has also been the impetus for the remarkable housing-market recovery and the ensuing home price appreciation that we have seen across the region.

Jobs are critical to Bay Area housing markets, and growth is still happening. In fact, 2015 was the strongest year of regional job growth since the recovery started. And while 2016 started slower, it still may be the second-best post-recession year if hiring continues at its current pace.
Click here to read the full column on Pacific Union's blog.
BAY AREA DATA
Review the Latest Bay Area Data & Stats
Bay Area 10-Year Overview
Here’s a look at home sales in the Bay Area’s real estate markets in the first quarter of 2016, with a glance back at the 10 preceding first quarters.
10 Year Chart
Click here to see specific 10-year data on key cities in the Bay Area.
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Jackie Care
Sales Associate
510.338.1378
jackie.care@pacunion.com
jackie.care@pacificunion.com
1900 Mountain Boulevard
Oakland, CA 94611
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