(S.F. Examiner file photo)

(S.F. Examiner file photo)

Offers on Oakland homes increase 62 percent in two months

According to real estate site Redfin, Oakland’s housing boom has taken a big leap towards the end of 2016, with a 12.5 increase in home tour requests, and a 62.7 percent increase in people writing offers on houses between October and December.

One reason for the latest rush may be that news of rising home prices is pushing people to purchase now, before home costs increase even further.

“Now that rates are finally rising, some buyers feel that if they do not buy now, they will not be able to afford a home in the East Bay as prices continue to rise,” said Redfin real estate agent Dylan Masella. “What was supposed to be a slow autumn has turned into a market full of unprecedented activity.”

In addition, couples and individuals from other cities throughout the Bay Area are looking at Oakland for home purchases, as the prices are cheaper. For example, the median sale price across the Bay in San Francisco is $1.1 million, whereas in Oakland it’s only $635,000.

“Over the past few years, a large percentage of our buyers in Oakland and Berkeley have been professionals and couples who rent in San Francisco and started their home searches there,” said Redfin real estate agent Noah Manning. “These buyers found significant competition and very high prices in San Francisco, so they switched their focus to the East Bay, causing Oakland’s market demand to continue to increase.”

This theory is backed up by home sale data in San Francisco: housing demand in San Francisco fell 10.8 percent in November.

 

 Home saleshousingOaklandRedfin

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

The sidewalk on Egbert Avenue in the Bayview recently was cluttered with car parts, tires and other junk. <ins>(Kevin N. Hume/The Examiner)</ins>
New surveillance effort aims to crack down on illegal dumping

’We want to make sure we catch people who are trashing our streets’

The recall election for California Gov. Gavin Newsom is scheduled for Sept. 14. (Kevin N. Hume/The Examiner)
SF could play a big role in overcoming Democrat apathy, driving voter turnout for Newsom

San Francisco voters are not used to swaying elections. Just think of… Continue reading

Health care workers treat a Covid-19 patient who needs to be intubated before being put on a ventilator at Providence St. Mary Medical Center during a surge of cases in Apple Valley, Dec. 17, 2020. Confronted with surging infections, California became the first state in the country to mandate coronavirus vaccines or testing for state employees and health-care workers. (Ariana Drehsler/The New York Times)
In California, a mix of support and resistance to new vaccine rules

By Shawn Hubler, Livia Albeck-Ripka and Soumya Karlamangla New York Times SACRAMENTO… Continue reading

Dave Hodges, pastor at Zide Door, the Church of Entheogenic Plants that include marijuana and psilocybin mushrooms, holds some psychedelic mushrooms inside the Oakland church on Friday, July 22, 2021. (Kevin N. Hume/The Examiner)
Psychedelic spirituality: Inside a growing Bay Area religious movement

‘They are guiding us into something ineffable’

Most Read