This Bay Area neighborhood had the most buying competition in 2019Return to Blog
Categories: Homes Planning Real Estate
In 2019, half of the most competitive neighborhoods for buying a home were in the Bay Area. In a recent report from Redfin, home purchasers seeking an area for the calmest, most floral, and convenient distance to restaurants and markets, was the country's most sought after neighborhood in 2019. About 72% of homes in White Oaks, C.A. sold above asking value this year, and most were available for less than fourteen days. Redfin found the median sale price of a home in White Oaks was valued at around $1,835,000. White Oaks took the top spot in Redfin's positioning of the 20 most competitive neighborhoods, yet it has a great deal of nearby competition. Ten of the top neighborhoods are in the Bay Area and near half of those are in Oakland.
The second most competitive Bay Area housing market is the Glenview neighborhood of Oakland. Fourth overall, with more than 84% of homes selling for above the asking price. Likewise a few popular neighborhoods in Oakland like Upper Rockridge, Bushrod, and Piedmont. “I’ve heard a lot of people say the Bay Area housing market is cooling this year, but I’m seeing the opposite in Oakland,” Oakland Redfin agent Katy Polvorosa said in a statement.
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One explanation for the well-known city is that, even with homes routinely selling for more than $1 million in specific areas, it's still generally affordable contrasted with San Francisco and Santa Clara County. Homes in Piedmont as indicated by Redfin, are selling for around $750,000 overall. In San Francisco's Mission Dolores neighborhood, which ranks tenth among the most competitive buying regions in the nation, homes go for $1,660,000; more than double the cost in Piedmont. A few other Bay Area regions likewise make the list, including the Berkeley Hills region of Berkeley, Bay Farm Island in Alameda, Beresford Park in San Mateo and North Los Altos in Los Altos, where the normal home sells for a steep $3,173,000.
While buying competition may appear the standard for Bay Area purchasers, in reality, it is pretty uncommon. As only 12% of offers composed by Redfin agents for customers across the nation confronted a bidding war, down from 53% in 2017. Redfin analyzed information on sale-to-list price ratio, median days on the market and other factors, and created the analysis in reference to an average of monthly statistics from January through November. Strong competition in such regions indicates that homebuyers are searching out more for affordable homes, specifically inland cities from the costly coasts. In the third quarter of 2019, the company said, 26 percent of people searching for homes on Redfin’s website were hoping to move to an alternate metro region, with Sacramento, Phoenix, and Las Vegas being notable destinations.
If you are interested in understanding your buying power and would like assistance finding the perfect property in the Bay Area contact Darryl Glass today via. phone (510) 500-7531 or email firstname.lastname@example.org. If you need more time to consider your options and would like to schedule a call in the next 60 days, you can do so by scheduling a call directly on Darryl’s calendar. If you are interested in renting in the neighborhood of Glenview, please contact Trimaine Eley via. phone (510) 967-7896, or email email@example.com