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Real Estate Market Overview
  Three weeks ago I ran comps for a listing that I had coming up in West Central Berkeley. When I ran the prices for homes that have sold in the neighborhood in the previous 90 days, the range of prices for a similar house to my listing was between $350,000 and $380,000. Then last week, a home similar in square footage, bedroom and bath count to my listing closed escrow at $475,000. The same week another house within a 3 block radius received 16 offers. And the market had changed! Checking the MLS looking at the prices for sold listings, I am beginning to see more and more homes that have sold over the asking price. In months past it would have been common to see homes selling under the asking price. The big question now is - Is this a trend or a blip? |