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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Dimond & Oakmore Districts)
Sold past 1-6 months (n=110) median (med) $1,299,277 Days on Market (DOM)=13
Sold past 7-12 months (n=90) med 1,377,500 DOM=12
This suggests a primary (year) change of -5.679%.
Sold past 1-3 months (n=44) med $1,1625,00 DOM=14
Sold past 4-6 months (n=66) med $1,328,000 DOM=12
This suggests a secondary (quarter to quarter) change of -12.462%.
There are 11 current active listings ranging from $495,000 to $1,198,000 with median DOM at 47 days. Range 6 – 132.
There are 12 pending listings (in contract) ranging from $775,000 to $1,550,000 with median DOM at 12 days. Range 5 – 86 days.
So, what’s going on? The 10/08 review of this area suggested a primary increase of +3.486% and a secondary decrease of -13.043%. The 8/30 review suggested a primary increase of +4.188% and a secondary decrease of -3.571, %. The primary trend has turned negative, and the secondary negative trend is just about stable (change of less than 2%). Even with three data points, conclusions are elusive. The acceleration of the primary trend was expected but, the more or less stable secondary trend is only suggestive with no definitive direction. I am expecting that the secondary trend will start to moderate some. This is based on the slight decrease and what we see in many of the other markets. Also, it looks like the secondary decrease has peaked signaling the possible end of the interest rate effect on values. The days on market appears remarkable stable which suggests demand for available, well priced offerings. I wish I could offer some solid conclusions but, the data is not showing anything to hang our hat on. We will have to wait and see…
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
CA OREA License #AR041451 – JamesForquer.com
Data is from EBRDMLS and includes the City of Oakland North of 35th Ave, South of Park Blvd, East of Hwy 580 and West of Hwy 13, all MLS residential listings, effective as of 11/23/2022
#realestate
