Friday, February 15, 2008

The Rockridge Market is Just Different

Today, Ron Kriss, our broker here at Lawton Associates, announced a comprehensive and historical comparative analysis of the Rockridge real estate market. And, he has concluded that "Rockridge is Just Different." I have worked with Ron Since the mid-90s and we have seen the market in all of its many ups and downs.

Rockridge has long been one of the most desirable neighborhoods in the entire Bay Area, and the real estate market here is atypical. Lawton Associates, an expert in the Rockridge district, has been the top-selling real estate brokerage in the neighborhood for over 10 years.

This chart, compiled by Ron, demonstrates the fact that there were more homes sold in Rockridge in 2007 than in the two previous years. The average list price and the average sold price have gone up every year including 2007. The chart includes a split of 2007 into the first half and second half of the year, to further counter the mainstream media’s point that the market is getting worse. “Maybe things are getting worse in the Greater Bay Area, the State of California, and the United States,” adds Kriss, “but not in Rockridge. Both six-month periods of 2007 were very strong and there was even continued over bidding on many premium homes.”

Ron adds, “Compared to the peak of 2004, there were fewer homes sold in Rockridge in the 2005-2007 time period. This is mostly because there were just fewer homes on the market during this 3-year time period, not because homes were not selling. The number of cancelled, withdrawn, and expired listings over the above chart’s four year period has not changed very much.”

Ron's 2008 Forecast—“ The market could actually get very hot in 2008”

Based on early trends from January 2008 and the proposed increase of the conforming loan limit, Ron also provides a forecast for the next eleven months.

“I can tell you that the spring real estate market has already started off with a bang and there is not enough inventory. This coupled with historically low interest rates has shown us a very robust marketplace so far. If buyers are waiting for prices to drop and sellers to give their homes away, I don’t think 2008 is the year. In fact with the conforming loan limits set to increase under the just signed “Economic Stimulus Package” the market could actually get very hot in 2008.”

If you have questions about the Rockridge market, or other markets in Oakland and Berkeley, just let me know. I am always happy to help. I can be reached at 510-547-5970 x57 or

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