According to the Daily Californian, in September, home prices in Berkeley were down 12% from the prices a year earlier. But that decline was much less than those seen in other areas in California. Data showed that prices in southern Berkeley had, in fact, risen by 31% percent, while prices in the other portion of the city fell by 32%.
According to data from the California Association of Realtors, October's median price this year for homes for sale in Berkeley was $621,500, down from $675,000 in October of last year, a 7.9% decline. However, that single-digit decline bests most other cities in Alameda County. Contrast it with Dublin or Hayward, where prices were off by 15%, or Union City, where price declines surpassed 20%.
The San Francisco Chronicle recently noted that higher-priced real estate in Berkeley is beginning to heat up again as bidding wars escalate, with more buyers in the market looking to take advantage of government-stimulus money tax rebates. One two-bedroom house was said to have had eight bids in mid-October and sold for $136,000 more than its asking price. The Chronicle quoted local realtor Tracy Sichterman as saying 31% of Berkeley homes sold worth more than $1 million were given all-cash offers.