Pacific Union Oakland-Piedmont real estate discussion 1/12/2010

Local housing inventory remains critically low.  When the room was polled at today’s office meeting almost every agent is working with several Buyers while very few have listings coming on the market.  I am generalizing about 94611: Montclair, Broadway Terrace, city of Piedmont.  94618: Rockridge, Upper Rockridge.  94610: Crocker Highlands, Trestle Glen.  94609 Lower Rockridge, Temescal, North Oakland.  Other areas of Oakland that have been hit harder by foreclosures have more inventory moving but for less money.  The graph below shows month over month homes for sale in the above zip codes in all price ranges.

There is still no solid word yet in as to the Fed extending the loan programs currently in place.  Speculation is that if they do not extend the programs we could be in for a serious uptick in interest rates.

Brian Santilena has been representing home buyers and home sellers in the Oakland Hills, Berkeley Hills and Piedmont California marketplace since 1998.  He is a Realtor, Certified Residential Specialist (CRS) and Sr. Sales Associate with Pacific Union Real Estate.