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Daniel Gutierrez's Blog

By Daniel Gutierrez | Agent in 94611

Piedmont was on FIRE! Over 55 homes during Q1 of 2012

My City of Piedmont Sold Homes Analysis for First Quarter of 2012:

There were 26 homes sold in Piedmont during the first quarter of 2012 from January 1 through
May 1. 

There were 7 homes sold in the 94610 part of Piedmont.  This is mostly considered Baja Piedmont or more outlying parts of Piedmont with a few exceptions.  Homes tend to be a bit more modest to Piedmont standards as well as being relatively more affordable to those wanting to utilize the award winning Piedmont Public Schools.  The average listing price was $958K and the average sold price was $1,008,000.  That's 105% of the asking price!  Remarkably so, supply and demand was very evident as demonstrated by the average Days On Market (DOM) being only 14 days.  This part of Piedmont was smoking hot and very competitive.  Most sales had multiple offers with some losing out to "all cash" offers.  Clearly not enough inventory for the demand of people wanting to live in Piedmont.

There were 18 sales in the more popular/affluent 94611 zip code of Piedmont.  This area is highly sought after because of how centrally located it is to the city amenities and schools are within walking distance.  Most homes are large and lavish with tons of character, charm, elegance, and usually very tastefully updated to the nines.  Of course there are always a few exceptions.  The average listing price jumps up to $1,412,000 which generally includes more living space, possibly a view and often times a larger lot maybe even acerage.  The average sold price during this period was 103% over the asking price or $1,454,000.  These homes were in even higher demand as indicated by only 11 days average on the market.

Last but not least, there was one home sold in the not so popular 94618 part of Piedmont.  This area borders Upper Rockridge which is along the upper Moraga Ave corridor (Save Blair Park) between Highland Ave and Maxwelton.  Generally wedged on a hillside, but these homes can have a private beautiful forest/wooded view and sometimes a bay view.  It is not often that a Piedmont home comes on the market in this area.  They are often newer homes of the contemporary style.  There was only one sale during the first quarter.  It was listed at $995,000 and sold for $990,000 or 90% of the asking price.  To further support the proof that demand is very high for Piedmont, this home was only on the market for 19 days. 

I'm looking forward to another strong quarter in Piedmont.  This seems to be inevitable.  In all three zip codes, there are currently 18 active listings with an average price of $1.5M.  What about the ones that are under contract?  Current pending sales in Piedmont are 22 homes with an average price of $1.59M!!!

Notable Luxury Homes in Piedmont: 

55 Sea View listed at $6,920,000 is PENDING 

68 Lincoln is ACTIVE at $7,500,000

86 Sea View is ACTIVE at $5,150,000

Take care. 

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