Albany, CA

by James Forquer

What the heck is going on in the Real Estate Market?

The Appraiser’s Appraisal

Albany (all)

I was considering looking at Discovery Bay as I was doing an appraisal there today and needed to look at that market anyway. Market trends in the East Bay tend to move in a sort of concentric circle with the center being the most stable and the edges providing an indication of what may be coming for the markets closer in. Discovery Bay right now, looks a lot like the markets we have looked at in the Central East Bay. We should have looked there a little earlier in the year. We will keep an eye on it as the “canary” and post updates if something interesting happens there. For today, here’s Albany.

Sold past 1-6 months (n=72) median (med) $1,137,500 Days on Market (DOM)=14

Sold past 7-12 months (n=67) med $1,285,000 DOM=13

This suggests a primary (year) change of -11.518%.

Sold past 1-3 months (n=27) med $986,000 DOM=16

Sold past 4-6 months (n=45) med $1,375,000 DOM=13

This suggests a secondary (quarter to quarter) change of -28.291%.

There are 21 current active listings ranging from $379,000 to $1,795,000 with median DOM at 53 days. Range 1 – 133.

There are 4 pending listings (in contract) ranging from $535,000 to $898,000 with median DOM at 16 days. Range 12 – 162 days.

So, what’s going on? The 9/25 review of Albany suggested a primary increase of 1 .961% (stable) and a perfect secondary stable trend of 0%. Both the primary and secondary trends have turned negative and the secondary trend, substantially so. Part of this is due to a flood of Condo units. Most of the pending and active listings are Condos. It seems that the effects of interest rate increases have come to Albany. Sellers are not selling unless they have to, and buyers are waiting to see what will happen next. I believe that buyers should consider moving now. If you can find a seller with a home that meets your needs, this may be the best time to jump in. Fortune favors the bold.

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 the City of Albany (all), all MLS residential listings, effective as of 11/09/2022

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