(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

(Kevin N. Hume/S.F. Examiner)
City College union deal staves off layoffs, class cuts

One year agreement allows community college time to improve its finances

A Homeless Outreach Team member speaks with homeless people along Jones Street in the Tenderloin on Wednesday, May 6, 2020. (Kevin N. Hume/S.F. Examiner)
Breed proposes another street outreach team to divert calls away from police

San Francisco would launch a new street outreach team to respond to… Continue reading

Chelsea Hung, who owns Washington Bakery and Restaurant in Chinatown with her mother, said the restaurant is only making about 30 percent of pre-pandemic revenues. (Kevin N. Hume/S.F. Examiner)
Chinatown’s slow recovery has business owners fearing for the future

Lack of outside visitors threatens to push neighborhood into ‘downward spiral’

A worker sets up irrigation lines to water almond tree rootstocks along Road 36 in Tulare, Calif. (Gary Coronado/Los Angeles Times/TNS)
Gov. Gavin Newsom extends drought emergency to 41 California counties

Faith E. Pinho Los Angeles Times In a stark indication of California’s… Continue reading

Gov. Gavin Newsom announced a new stimulus plan on Monday. (Kevin N. Hume/S.F. Examiner file photo)
More Californians would get new $600 stimulus checks from the state under Newsom plan

Sophia Bollag The Sacramento Bee Two-thirds of Californians would get an extra… Continue reading

Most Read