"In December, Oakland hosted 395 active listings, a 16.2% decrease compared to the same month last year. This local trend stood in stark contrast to the national increase of 12.1% in active listings. Newly listed homes totaled 70, marking a significant 38.6% drop from the previous year, highlighting a more exclusive selection of homes. While nationally, new listings only fell by 1.8%, Oakland's constrained market environment presented a unique opportunity for buyers to capitalize on limited competition."
"The median listing price in Oakland reached $600,000 in December, reflecting a 7.0% decrease from the previous year. This price adjustment was more pronounced than the slight 0.6% dip seen nationally, creating an enticing landscape for buyers. With 10.2% of homes experiencing price reductions-an increase of 3.7 percentage points from last year-buyers in Oakland found themselves in a favorable position to explore potential deals in a market adjusting to current demand."
"Homes in Oakland lingered on the market for a median of 77 days in December, a notable 17.7% increase from the previous year. This rise outpaced the national increase of 5.0% in median days on market. The extended time, paired with a higher rate of price reductions, provided buyers with ample opportunity to negotiate and deliberate, ensuring they could secure the right home at the right price."
In December, Oakland had 395 active listings, a 16.2% year-over-year decline while national active listings rose 12.1%. Newly listed homes totaled 70, down 38.6% year-over-year compared with a 1.8% national drop. The median listing price was $600,000, down 7.0% year-over-year versus a 0.6% national dip. Price reductions affected 10.2% of homes, up 3.7 percentage points. Median days on market reached 77 days, a 17.7% increase year-over-year and outpacing the national 5.0% rise. Lower inventory, falling prices, more reductions, and longer market exposure increased buyer negotiating leverage.
Read at SFGATE
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