Appraiser’s Appraisal

by James Forquer

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

The Appraiser’s Appraisal

Berkeley (South)

Sold past 1-6 months (n=172) median (med) $1,502,500 Days on Market (DOM)=13

Sold past 7-12 months (n=167) med $1,450,000 DOM=14

This suggests a primary (year) change of +3.621%.

Sold past 1-3 months (n=65) med $1,500,000 DOM=14

Sold past 4-6 months (n=107) med $1,550,000 DOM=13

This suggests a secondary (quarter to quarter) change of -3.226%.

There are 48 current active listings ranging from $250,000 to $3,950,000 with median DOM at 21 days. Range 1 – 119.

There are 15 pending listings (in contract) ranging from $369,000 to $2,495,000 with median DOM at 22 days. Range 5 – 63 days.

So, what’s going on? The 9/27 review of this section of Berkeley suggested a primary increase of 11.250% and a secondary decrease of 9.375%. The primary increasing trend has moderated but is still positive and secondary trend although negative, has also moderated. This secondary moderation is interesting. This part of Berkeley appears to be approaching equilibrium. Again, one data set is not a full-blown trend. We will have to look back here in a few weeks, and we will look at other parts of Berkeley tomorrow. Could we be near the bottom here? I am not convinced but then this market is full of surprises. We will see…

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 Berkeley North of the City of Oakland, South of University Ave, East of San Pablo Ave and West of Contra Costa County, all MLS residential listings, effective as of 11/11/2022

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