Berkeley, CA (PRWEB) June 21, 2013
Brett Weinstein Berkeley, CA real estate broker with Realty Advocates comments on the California Association of Realtors® (CAR) May 2013 Home Sales and Price Report as reported in their press release published on June 17, 2013.(1) The median home price in California, pushed up by strong sales in higher-priced markets, and the continuation of a supply shortage, saw its highest year-over-year price increase in 33 years. May 2013’s median price of an existing single-family home rose 31.9 percent over May 2012. This year-over-year price increase is the highest since at least 1980, when CAR began tracking this statistic. The median sales price is the point where half of all houses sold below this number, and half sold above this number. It is influenced by the types of homes sold, such as in higher-priced, or lower-priced markets, as well as market changes in over-all real estate values. A great example of homes for sale in Oakland is 430 Mcauley, offered at $799,000.
Weinstein says that it is important to note that CAR Vice President and Chief Economist Leslie Appleton-Young said: “While home prices are increasing at levels above those observed in 2006-2007, the fundamentals of the housing market are much more solid than what we experienced a few years ago. More home buyers are putting down larger down payments, and many of them are opting for more stable loan products. Additionally, historically low mortgage rates have reduced monthly mortgage payments substantially, making owning a house more affordable, even with rising home prices.” The CAR report also notes that the supply of homes available for sale dipped in May, with an inventory supply of 2.6 months, down from April at 2.8 months, and down from 3.6 months in May of 2012. Homes sold more quickly in May, decreasing to 27.1 days to sell a home, down from a revised 45.7 days from the same period a year ago. Other homes for sale in Berkeley or recently sold include 3109 Ellis Street.
Weinstein comments that for Alameda County, the median sold price of existing single-family homes increased 34.4 percent from a year ago. Inventory supply was down to 2.1 months from 2.5 months a year ago, and the median time on the market dropped to 48.2 days from 64.3 days a year ago, a 25 percent drop. In the San Francisco Bay Area, only Napa and Solano counties saw a greater increase in the median price, at 42.2 percent and 37.4 percent respectively. Time on the market dropped 40 percent and 31 percent respectively in these counties.
Brett Weinstein started his real estate career in 1983, buying, renovating and renting/selling houses in the East Bay. Working closely with the Realtors® who were part of his team, he saw the possibility of creating a real estate agency that delivered maximum value to the client. In 1986, he co-founded Realty Advocates to bring a new ethos to residential real estate: providing premier service and greater bottom-line value.
Weinstein enthusiastically takes the role of a true advocate for his clients. With refreshing candor, he demystifies the real estate world and makes the whole process feel effortless. He taps his background in architecture and his extensive knowledge of current construction costs to help sellers make smart upgrades to their home before selling and to help buyers budget for repairs and improvements as they prepare to make an offer. Brett Weinstein can be reached via email at brett(at)realtyadvocates(dot)com, by phone at 510-428-0757, or via his website at realtyadvocates.com