It's not enough simply to know you want to move. Whether it's from your home in Oakland, California to a piece of Scarborough Bluffs real estate in Ontario, you need to do extensive research into the real estate markets of both your origin and destination cities before you can determine whether the move you have in mind will be financially viable. You need to know about how much your new home will cost, how much you can expect to get for your old home, and whether things are likely to improve or deteriorate as time goes on. We can help you with the Oakland end of your research.
No doubt by now you've heard that we in North America are in the midst of an economic downturn. Some cities have managed to weather the crisis well, others were hit hard and are beginning to recover, and still others began to spiral downward and show no signs of stopping. The Riverdale, Toronto house for sale you're looking at moving into would be in the first category, while Oakland belongs to the third category. This is bad news if you're selling a home, good news if you're buying.
Looking at the market values for mid January 2010, we can see that since last year, the average price per square foot in Oakland has decreased by just over 11%. This is the largest drop among Oakland's real estate statistics. The number of home sales has decreased about 6% and the average sale price of a home has decreased 3.5%. A small drop like this may not seem like it would open a wide gap between a Mississauga condo for sale and an Oakland one, but remember the percentages have been adding up for several years.
A look at the current real estate market averages can help you determine the size of the gap between your destination and origin markets. As of mid January 2010 the average listing price in Oakland was $453,000 while the middling sale price was closer to $223,000. This gives us an average price per square foot of around $205. These figures, you will notice, are still greater than the price of the average new homes in London, Ontario despite the market's drop. This is because California retains enough of its former popularity to top many non-Toronto Ontario markets.
The above figures are only averages, however. There is a wide variation in price between homes in Oakland, especially between homes from different neighborhoods in the city, as you have no doubt learned from searching for Rhinebeck homes for sale. Currently the most popular neighborhoods include Upper Rockridge, which has an average listing price of $1,584,000, Montclair, which lists around $707,000, and Clawson, at a more modest $314,000.
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