The market is still very good in Newark. Some areas are selling better than others, but values have been steadily increasing for the past 18 months. Closed transaction average prices in September in Newark were up 4.2% from August. There was a minor dip during July and August, but September rebounded. In addition, the City of Newark is pouring extensive dollars into redoing Lakeshore Park including redoing the seawall, improving irrigation and repaving the walkways - it will be beautiful when done and could easily enhance values in the Lake and Rosemont neighborhoods.
If you are asking about Alameda County as a whole, the market average price edged up 2.4% in September.
Historically speaking within the last five years it is currently a good time to sell. The market has come a long way within the last 1.5 - 2 years going from a buyers market to a sellers market. How much of a sellers market one has depends greatly on the specific market area one is selling their home in. As a licensed appraiser and realtor I do lots of absorption analysis which helps to determine how many months of inventory, or homes for sale, we have in a given market. Currently, in many markets the current inventory is about two months which is a sellers market. An inventory level of 5-6 months in the Bay Area is considered, by many in the industry, to be a buyers market.
You still need professional assistance for the best results. If you simply throw a property on the market because you think â€œit is a good time to sellâ€ your results will be sub-par. Preparation of the property, proper marketing, and professional help yield the best results.
Other than wanting a â€œgood time to sellâ€, what is your motivation? One does not simply wake up and say â€œI guess it is a good time to sell.â€ There has to be more to it than that.
I was just showing property yesterday in Newark ----- and showed my clients the list of detached single family homes (minimum 3 bedrooms/2 baths) that have sold since July 1 ---- it helped explain to my clients what the market is like.
The majority of the homes sold at above list price. Of course, it depends on what the pricing strategy is in the first place. If the property was listed artificially low to generate interest, then that may also explain why the property sold for more. In more than one occasion, properties sold for close to $100K over list price.
i'll be happy to send you a copy of that matrix if you wish -- just send let me know.
It was also helpful to see how many days the properties stayed on the market until an offer was accepted. 14-21 days was typical. So yes, I guess it is still a good to sell for most people.
Another resource you can look at is DQNews. Take a look at this link http://dqnews.com/Charts/Monthly-Charts/SF-Chronicle-Charts/
For Newark zip code 94560, the median price is $434,750 for the month of August 2013, a 27.9% increase compared to the same month a year ago.
The high price is $710K, a 26.5% increase compared to the same month a year ago..
Number of sales was 56, 11% less than the same period of time a year ago.
What is your situation?
We will a lot of different answers here. But you should discuss your situation and your neighborhood with a broker.