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Even though interest rates have crept up a little recently, rates are still relatively low. These low interest rates are frequently credited with driving the booming real estate market. Certainly, these low rates contribute to the strength of the market. However, other factors, such as the stable and steadily growing economy here in the Bay Area, the confidence with which Bay Area buyers face the future, and above all, the limited number of properties for sale, all contribute to this hot market.
The first half of this current year saw remarkable increases in East Bay property values. Here is some data:Single family home median sale prices by year (1998-first half of 2005)
We love charts of this kind. Of course, if these numbers were going down, we might not like the chart so much. The numbers for Berkeley are skewed by the fact they address all of Berkeley with its ten different zip codes and its wildly divergent neighborhoods and values. Data a few years ago showed that 94707, 94708, and 94705 were outdistancing Rockridge (94618).
If you have, or anyone you know has, questions about buying or selling a house, please give us a call.