T
he East Bay's housing market is in full swing this fall, with a 150% increase in new listings from Labor Day weekend to the following week. However, buyers are facing headwinds such as higher insurance rates and mortgage rates that refuse to budge. Despite this, single-family homes are still selling at an average of 10% above asking price in September, with Red Oak Realty reporting three offers per transaction.

    However, not all properties are created equal. Single-family homes dominate the market, but condos command significantly lower prices - about half of what SFRs sell for. Condos also take longer to sell and often sell under asking price due to factors like location, condition, and features. This creates opportunities for buyers looking to enter the market with less competition.

    Timing is also crucial in the East Bay's housing market. While spring and fall are popular listing times, the data suggests that properties listed earlier in the year tend to sell above asking price. However, September listings experience a high number of cancellations. Buyers and sellers should be aware that location plays a significant role in property performance, with different neighborhoods attracting different numbers of buyers.

    Oakland's market has been particularly complex, with prices falling by 9% overall but increasing in certain areas like Rockridge. Over the past 15 years, Oakland prices have appreciated more than any other city in the inner East Bay. Properties selling below $1 million tend to sell under asking price more often due to factors like condition and location.

    Ultimately, a property's performance is closely tied to its sale price, condition, and appearance. A well-priced, move-in-ready property with a low list price can attract buyers and drive competitive offers.