Berkeley homes sold highest above list price in US earlier this year

Homes in Berkeley earlier this year sold higher above list price than any other city in the country, according to a new report from Realtor.com.
Homes in Berkeley earlier this year sold higher above list price than any other city in the country, according to a new report from Realtor.com. Photo credit Getty Images

Homes in Berkeley earlier this year sold higher above list price than any other city in the country, according to a new report from Realtor.com.

The report analyzed sales data from almost 1,500 cities this year through March, comparing final sales prices to the original list price.

The average Berkeley home during that time was priced at $1.2 million. But on average, homes sold about 19% above the asking price thanks to bidding wars.

Aman Daro, the chief operating officer of Oakland-based Red Oak Realty, told the site the data wasn't too surprising. He said realtors purposefully price homes below what they think the homes will sell for in an effort to drive up competition.

"It's a pricing strategy that encourages as many buyers as possible to compete for a home," Daro said.

Daro estimated that East Bay homebuyers should expect to spend between 20% and 30% over the asking price.