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Oakland, (Crestmont & Ridgemont)
Sold past 1-6 months (n=34) median (med) $1,642,500 Days on Market (DOM)=12
Sold past 7-12 months (n=24) med $1,662,500 DOM=10
This suggests a primary (year) change of +1.203%. This is considered stable.
Sold past 1-3 months (n=13) med $1,549,000 DOM=28
Sold past 4-6 months (n=21) med $1,705,000 DOM=8
This suggests a secondary (quarter to quarter) change of -9.150%.
There are 10 current active listings ranging from $429,000 to $3,599,000 with median DOM at 13 days. Range 1 – 56 days.
There are 5 pending listings (in contract) ranging from $925,000 to $2,495,000 with median DOM at 13 days. Range 5 – 55 days.
So, what’s going on? The 4 Sept review of this same area suggested a primary increase of 6.250% and a secondary decrease of 1.857% (effectively stable). The current figures suggest a primary stable trend (change of less than 2%) and a secondary decrease. This is not surprising and is in keeping with many of the other sub-markets we have looked at. It is interesting to note the days on market for the current quarter verses the prior quarter. The DOM has gone up from 8 to 28 days. All of this has to be taken with a grain of salt. The sample sizes are pretty small. The minimum sample size considered reliable is 10 for the typical neighborhood. Here we are just above that for the current quarter. Still, these trends track with many other neighborhood trends in Oakland and they would be considered credible. Seasonality exacerbated by increases in mortgage interest rates. The same old story. We will have to wait until the selling season to see if my base theory holds water…
Where should we look next?
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
Data is from EBRDMLS and includes Oakland North of Keller Ave, South of Redwood Rd, East of open space West of Campus Dr and West of the Contra Costa County Line, all MLS residential listings, effective as of 10/13/2022
