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Oakland California Real Estate - oakland california real estate

sales median price market

Similar to many other areas of the country, the Oakland, California real estate market has gone through a significant roller coaster ride over the past few years.  Median household sales prices have swung violently since early 2004, which has led to thousands of Oakland residents with underwater mortgages and having to decide whether or not to walk away from their homes.
 
In early 2004, the median sales price in the Oakland, California real estate market was around $350,000.  Over the next three years, the real estate prices swelled considerably and eventually hit a high of around $550,000 in early 2007.  However, since the real estate bubble burst, the median sales price in the Oakland, California real estate market fell off considerably and is now around $300,000. 
 
Part of the reason for the drop off in sales price has been that financing is no longer available for thousands of homeowners.  Furthermore, the high end downtown condominium market in the Oakland, California real estate market has dried up considerably.  However, one of the most significant causes of the decline in real estate prices has been the high rate of foreclosure in Oakland. 
 
In February 2010, 1 in every 251 households in the Oakland real estate market received a notice of mortgage default.  While this is below the state-wide average of 1 in every 190 households, Oakland’s foreclosure rate is well above the national average.  With so many investors coming in and purchasing low priced and foreclosed homes, the median sales price has continued to fall.  The median listing price for a foreclosed home in Oakland is just $207,500, which is well below the city-wide median sales price. 

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over 4 years ago

Being a Realtor in Oakland, it's been amazing to see the swings in the market. Currently it feels like we are going back to a bubble!

http://www.oaklandhomespecialist.com