East Bay Market Update - February 2023

2023

The Calia Homes is pleased to share our monthly newsletter providing data and detailed insight into the Berkeley, Oakland, and Piedmont housing markets.

Feel free to reach out with any questions you may have about the data enclosed or the East Bay housing market.

Kind Regards,

Carrie and Jennifer and Calia Homes Team
510.980.9497 | caliahomes.com

Our real estate market has undergone dramatic changes over the past couple of decades. Looking back at 20 years of single family home sales in Berkeley and North Oakland, we found several interesting stories in the data.

First, while we saw variation in appreciation rates over time, primarily due to the “Great Recession,” our housing market performed well. Homes appreciated 6% per year, on average, over the last two decades.

AVERAGE ANNUAL HOME PRICES
(Berkeley and North Oakland)

Chart of East Bay home values, rising from $622,000 in 2002 to $1,854,000 in 2022.

Second, the number of homes sold per year on the Multiple Listing Service (MLS) varied notably over time as a result of the economic environment. Not surprisingly, the lowest sales per year were in 2008 and 2009.

The highest number of sales was in 2021, likely a combination of low-interest rates and households electing to make different lifestyle decisions as a result of Covid-19. There was also a high number of sales per year in 2003 and 2004 as the local economy recovered from the “dot-com bust.”

NUMBER OF HOMES SOLD ANNUALLY
(Berkeley and North Oakland)

Bar chart of annual home sales, 2002–2022, peaking at 1,045 in 2021 before dropping to 821.

ANNUAL INCREASES AND DECREASES IN VALUE
(Berkeley and North Oakland)

Chart of annual appreciation from 2002–2022, with a 6% average and a peak of 27% in 2013.

WHAT ABOUT PIEDMONT

Piedmont also performed well. Homes appreciated 5% per year, on average, over the last two decades.

ANNUAL INCREASES & DECREASES IN VALUE
(Piedmont)

Line chart showing annual appreciation from 2002 to 2022, with a 5% average trend line.

The highest number of sales on the Multiple Listing Service (MLS) for Piedmont was 153 in 2002, likely accompanying the recovery from the “dot-com bust” in 2000. Not surprisingly, the lowest number of total sales was 75 in 2008. The next highest number of sales was 148 in 2021, likely a combination of a low-interest rate environment and households electing to make different lifestyle decisions as a result of Covid-19.

PIEDMONT NUMBER OF HOMES SOLD ANNUALLY

Bar chart of homes sold annually from 2002 to 2022, with 148 sold in 2021 and 111 in 2022.

PIEDMONT HIGHEST AND LOWEST SALES PRICE

Bar chart of highest and lowest sales prices from 2002 to 2022, in millions; highest prices peak in 2022.

PIEDMONT AVERAGE SALES PRICE

Line chart shows home values rising from $1.2 million in 2002 to $3.1 million in 2022.

In 2002, the average sales price in Piedmont was approximately $1.2M, and the avg dollar-per-square foot ($/sqft) value was $445.

In 2012, the average sales price was $1.5M, and the avg $/sqft value was $542.

In 2022, the average sales price was $3.1M, and the avg $/sqft value was a whopping $1,072!

Based on information from the MLS. All data, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Dedicated to clients, culture, and community, Calia Homes is a team of exceptional real estate professionals who work together with the common goal of providing unparalleled client services in a supportive and collaborative environment.

Our mission is to create smooth, successful – and even enjoyable – transactions in any market.
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