Condos in Select Oakland Neighborhoods & Emeryville up 80% Over Two Year Period!

The Oakland market has been one of the fastest appreciating in the world over the past two years. Condos, in particular, have been fairing incredibly well.

Here is a comparison of condo values from Q1 2012 – Q1 2014 for 94607 (West Oakland, Downtown & Jack London Square), 94608 (West Oakland & Emeryville), 94609 (Temescal) and 94612 (Uptown).

Q1 2012: Average sales price $234,905 ($235/square foot)
Q1 2013: Average sales price $330,354 ($329/square foot)
Q1 2014: Average sales price $442,240 ($424/square foot)

The average sales price was up 40.6% from Q1 2012 to Q1 2013, and another 33.9% from Q1 2013 to Q1 2014 (88.3% over two years).

The average $/square foot was up 40.0% from Q1 2012 to Q1 2013, and another 28.9% from Q1 2013 to Q1 2014 (80.4% over two years).

This growth stems from a reduction in distressed sales, a strong micro economy in San Francisco and an influx of buyers relocating from there, and the first release of “new construction” in several years.

Though Oakland has become more than just the less expensive alternative to San Francisco, it will be interesting to see how things shake out over the next couple of years as this type of growth is unsustainable.

Andy Read
aread@caldecott.com
510.594.2400 x 222

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: