Zip Code Spotlight - San Leandro - 94577
This post first appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market
This month’s spotlight shines on an oft-forgotten portion of the East Bay, San Leandro.
While San Leandro lacks the famous name of an Oakland and the semi-swankitude of a Castro Valley, its central location and amazing affordability make it worth a second look for anyone looking to buy a home for less than $600,000.
Currently listed homes in the zip code range from a small 2 bedroom fixer upper listed at $200,000 to a $1.3 million dollar home with a pool and views of San Francisco. The large majority of homes (77%) are priced $600,000, large lots are common and Chabot Regional Park is a stone’s throw away. Downtown San Leandro is a vibrant commercial area with many common outdoor events.
As can be seen in the graph below, home prices in 94577 have come down significantly since their peak in 2005. Another noteworthy aspect of the sales graph is the enormous spike in supply that occurred in late 2007. As we have explained in the past, these supply spikes always correlate with precipitous declines in prices.
On the flip side, as supply pressures ease, values tend to stabilize. Clearly, the supply trend for this area is returning to more traditional levels. Simultaneously, there seems to be some support at current price levels, meaning that the decline in prices could be leveling out.
The public school system in San Leandro isn’t anything to write home about, but the attractive affordability levels mean private schools could be an option.
And in terms of commuting to San Francisco, the 24 minute ride from the San Leandro BART is identical to the commute from the Downtown Berkeley station.
Tags: affordability, BART, Cirios Trends, East Bay, home prices, san leandro