FOR IMMEDIATE RELEASE
Media Contact: Stacey Corso
ZipRealty reports the most expensive Oakland zip code is 94611, while San Francisco's priciest neighborhoods are located in the 94123 zip code.
EMERYVILLE, Calif., June 25, 2014 - ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ:ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, today released a new report showing that Oakland median home price growth has surpassed San Francisco, Berkeley and Alameda. ZipRealty analyzed the latest MLS data on home sales as of May 31, 2014 to create the four-city study. Zip codes in which five or more real estate sales closed in 2014 were included in the analysis.
Oakland's median home sales price jumped 23% to $478,000 in May 2014. "As Oakland continues to experience something of a Renaissance, home prices keep accelerating across the city," said Don Cruz Datanagan, District Broker for the East Bay office of Zip Realty. "Astronomically high San Francisco prices have sent residents flocking across the bay in search of lower home prices in Oakland over the past two years. In turn, we have seen this place upward pressure on pricing."
San Francisco's median home sales price rose 14% year-over-year as of May 2014 to just over $1 million, while Alameda's median home sales price increased 11% during the same time period to $666,250. Meanwhile, Berkeley was the only city of the four metros studied by ZipRealty to post a decline in price of 1% year-over-year to $801,000 as of May 2014.
|BAY AREA CITY
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The most expensive zip code in Oakland is 94611, where the median home price was $795,000 as of May 31, 2014, a (2%) decline from the previous year.
- Neighborhoods in 94611 include Piedmont Pines, Grand Lake, Glen Highlands, Shepherd Canyon and Merriwood.
The most expensive zip code in San Francisco is 94123, with a median home price of $3.15 million. The year-over-year increase in 94123 was 109% as of May 31, 2014.
- Neighborhoods in 94123 include the Marina, Cow Hollow and Pacific Heights.
The most expensive zip code in Alameda is 94501, with a median home price of $725,000, a 22% year-over-year increase as of May 31, 2014.
- Neighborhoods in 94501 include the Gold Coast, South Shore, Fernside, Bronze Coast and East End.
The most expensive zip code in Berkeley is 94705, with a median home price of $2 million as of May 31, 2014, an 85% year-over-year increase.
- Neighborhoods in 94705 include Claremont, the Claremont Hills, Elmwood and Panoramic Hill.
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via its website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty's technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 21 markets.
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Source: ZipRealty via Globenewswire