The Oakland, CA metro area housing market is presenting a complex landscape as we enter 2025. The Median Sales Price has decreased to $820,000, marking a significant year-over-year decline of 8.9%. This drop contrasts sharply with the Median List Price, which has risen to $898,000, reflecting a 16.6% increase from the previous year. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions or shifts in buyer preferences.

In terms of Price Per Square Foot, the median price has seen a modest increase of 2.1%, reaching $560.86. Meanwhile, the Median List Price per square foot has also risen slightly by 1.0% to $578.84. These figures indicate a relatively stable pricing environment on a per-square-foot basis, despite the overall fluctuations in sales and list prices.

The volume of Homes Sold in the Oakland area remains relatively stable, with 981 Homes Sold, representing a slight year-over-year decrease of 0.1%. However, Pending Sales have increased by 3.5%, totaling 1,246. This uptick in Pending Sales could signal a potential rebound in closed transactions in the coming months, assuming these deals proceed to completion.

New Listings have surged by 28.0%, reaching 2,137, while inventory has expanded significantly by 47.0% to 2,701. This increase in supply is further reflected in the Months of Supply, which has risen dramatically by 90.0% to 2.8 months. The expanded inventory and supply suggest that buyers may have more options to choose from, potentially easing the competitive pressures seen in previous years.

The Median Days on Market have increased by 4.0% to 37 days, indicating that homes are taking slightly longer to sell. This trend is consistent with the broader increase in inventory and supply, which may be giving buyers more time to make purchasing decisions.

The average sale to list ratio has decreased slightly by 0.5% to 101.0%, while the percentage of Homes Sold above list price has dropped by 7.9% to 41.3%. These metrics suggest that while homes are still selling close to their list prices, the competitive bidding environment may be softening.

Price Drops have decreased marginally by 0.4% to 18.4%, and the percentage of homes going off the market within two weeks has declined by 3.3% to 47.4%. These figures indicate a slight cooling in the urgency of transactions, possibly due to the increased inventory and longer market times.

Overall, the Oakland housing market in early 2025 is characterized by a mix of declining sales prices, rising list prices, and increased inventory. While some indicators suggest a cooling market, others point to potential opportunities for buyers and sellers alike. As the year progresses, it will be crucial to monitor these trends to understand their long-term implications for the Oakland real estate landscape.