Like so many other cities in the Golden State, Oakland, California, took a heavy hit when the residential real estate crisis began plaguing communities across America, helping to trigger the country’s worst economic recession in decades. Oakland saw more struggling mortgage holders, higher inventory due to foreclosures and a falling in prices. But lately the market there has shown signs of improvement and reason for optimism.
According to the California Association of Realtor’s data, prices in Oakland, unlike in so many other cities across the nation, actually saw a bounce back up in late 2009. In October, the median price for homes for sale in Oakland the sold, including ew and existing, condos and single-family homes, was $250,000, up slightly from the figure during the same time of 2008, when it was just $238,000. The figure makes for a 5% increase year-over-year.
The Oakland Association of Realtor’s data shows similar figures. In October, there were 454 homes listed for sale in the Oakland real estate market, at a median sales price of $402,113. The asking price was down from 2008′s $419,013, but the number of listings in the month has seen a steady drop. In 2008, there were 666 homes listed; this year, there were just 454.
Sales, too, show signs of improvement. The market for real estate in Oakland saw 388 homes closed upon in October, up slightly from 2008, when 368 homes sold. The homes sold had a median price of nearly $373,000, up from 2008, when that figure was just around $352,000. The days the homes spent on the market had fallen too — from 56 to 40. The coming of 2010 will show whether the Oakland market is back on its way up for good, or if these signs were just passing.