Berkeley's Hot, Florida's Cold, Says New Real Estate Report

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Aerial view of the California housing marketCalifornia has the hottest markets for selling homes over the original asking price while Florida has the most places where homes sell for less, according to a new report.

The quarterly report from ZipRealty looks at ZIP codes across the U.S. to see where homes are selling the most above and below asking price. Seven of the top 10 ZIP codes are in California, and seven of the bottom 10 in the country are in Florida.

Home sales hit a three-month low in June across the country, but in Berkeley, ZipRealty agent Wayne Cory said he hasn't seen sales as good since he started in the business six years ago. Berkeley homes in the 94703 ZIP code led the country and sold for almost 108 percent of the asking price, or an additional $45,000 over list, on average.

"We're still experiencing over-asking prices for nice, clean homes," Cory said.
Here are the top 10 "hottest" selling markets in the second quarter of 2010, followed by their ZIP codes and percent of asking price:

  1. Berkeley, Calif.: 94703, 107.73%
  2. Chicago, Ill. – Loop: 60603, 106.56%
  3. Oakland, Calif.: 94621, 105.93%
  4. Oakland, Calif.: 94603, 104.33%
  5. Forest Park, Ga.: 30297, 104.03%
  6. San Jose, Calif.: 95122, 103.86%
  7. Rodeo, Calif.: 94572, 103.42%
  8. Las Vegas, Nev.: 89030, 103.41%
  9. Adelanto, Calif.: 92301, 103.11%
  10. San Jose, Calif.: 95111, 103.03%

The "coldest" markets are:

  1. Winchester, Conn.: 06098, 71.61%
  2. Alva, Fla.: 33920, 75.95%
  3. Palm Beach, Fla.: 33480, 82.61%
  4. Delray Beach, Fla.: 33483, 82.67%
  5. Highland Beach, Fla.: 33487, 83.61%
  6. Boca Raton, Fla.: 33496, 83.73%
  7. Osterville, Mass.: 02655, 83.82%
  8. Minooka, Ill.: 60447, 83.84%
  9. Jupiter, Fla.: 33477, 84.02%
  10. Bokeelia, Fla.: 33922, 84.18%

Now is a good time to buy in Berkeley, a highly sought after market for its location, value and weather, Cory said. "It's the community, and what Berkeley has to offer," he said. That includes dropping home prices. The average listing price for that specific Berkeley ZIP code over the past three years is:

  • 2009: $502,348
  • 2008: $609,579
  • 2007: $640,424

"Everybody wanted to get in Berkeley before," Cory said of previous years, when multiple offers that were $100,000 over the asking price were common, "but the prices were so high, they couldn't get into it."

The "coldest" ZIP code was in Winchester, Conn.'s 06098, where homes sold on average nearly 30 percent under list price -- an average savings of more than $200,000, according to the median home price in the area.

High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami's Palm Beach (33480), buyers paid an average of around $1.1 million per home in the second quarter, an average of $232,492 below list price. In Cape Cod's Osterville, Mass. (02655), homes sold, on average, for 16 percent below asking price, or an average of $180,437 under asking.


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