The Oakland, CA metro area housing market in February 2025 presents a dynamic landscape characterized by rising Median Sales Prices and a significant increase in inventory. The Median Sales Price has surged to $930,000, marking a notable year-over-year increase of 13.4%. This upward trend in sales prices indicates a strong demand for homes in the area, despite other mixed indicators.

While the Median Sales Price has risen, the Median List Price has seen a modest increase of 1.6% year-over-year, reaching $909,000. This suggests that sellers are adjusting their expectations in response to market conditions. However, the median Price Per Square Foot has decreased by 1.2% to $589.47, indicating a slight softening in price appreciation on a per-square-foot basis.

In terms of market activity, the number of Homes Sold has slightly decreased by 1.5% year-over-year, totaling 1,255 homes. Conversely, Pending Sales have experienced a substantial increase of 33.7%, reaching 1,908. This surge in Pending Sales suggests a strong pipeline of transactions that may close in the coming months.

The Inventory of Homes Available for sale has expanded significantly, with a 50.3% year-over-year increase, bringing the total to 3,162 homes. This increase in inventory is reflected in the Months of Supply, which has risen by 80.0% to 2.5 months. The expanded inventory provides more options for buyers, potentially easing some of the competitive pressures seen in previous months.

Despite the increased inventory, the Median Days on Market remains unchanged at 14 days, indicating that homes are still selling relatively quickly. The average sale to list ratio stands at 103.7%, with a slight year-over-year decrease of 0.1%. Additionally, the percentage of Homes Sold above list price has decreased by 2.5% to 59.6%, suggesting a slight cooling in bidding wars.

Price Drops have become more common, with 20.9% of listings experiencing a reduction, up 1.4% from the previous year. Meanwhile, the percentage of homes going off the market within two weeks has increased by 10.2%, reaching 47.4%. This indicates that while some sellers are adjusting prices, many homes are still being snapped up quickly.

Overall, the Oakland housing market in February 2025 is characterized by rising sales prices and increased inventory, with a strong pipeline of Pending Sales. While some indicators suggest a cooling in certain areas, the market remains competitive, with homes continuing to sell swiftly.