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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Piedmont Side of Montclair)
Sold past 1-6 months (n=40) median (med) $1,857,500 Days on Market (DOM)=13
Sold past 7-12 months (n=36) med $2,119,538 DOM=12
This suggests a primary (year) change of -12.363%.
Sold past 1-3 months (n=21) med $1,875,000 DOM=15
Sold past 4-6 months (n=19) med $1,725,000 DOM=12
This suggests a secondary (quarter to quarter) change of -8.696%.
There are 6 current active listings ranging from $1,127,000 to $2,700,000 with median DOM at 52 days. Range 19 – 97.
There are 2 pending listings (in contract) ranging from $1,895,000 to $1,995,000 with median DOM at 35 days. Range 11 – 60 days.
So, what’s going on? The 10/09 review of this area suggested a primary stable trend of -0.901% (change of less than 2%) and a secondary decrease of -16.829%. The 8/31 review suggested a primary increase of +4.079% and a secondary decrease of -20.201%. The primary trend has turned negative which was expected however, we again see the moderation of the secondary trend. The moderation is evident across three sequential periods. While still negative, this moderation suggests that the effects of interest rates are waning. The days on market for the active and pending listings appears to have increased which suggests market participants are hesitant to act. This area has seen a very robust demand and corresponding dramatic price increases over the past several years. There are exceptional views from some of these homes. I expect that we will see continued moderation of the secondary trend and a leveling of the primary trend in the near term. I think we will again see modest appreciation in the Spring if we do not have any shocks from the interest rate environment or even more important, employment saturation. Jobs, jobs, jobs…
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 Park Blvd, South of Broadway Terrace, East of the City of Piedmont and West of Hwy 13, all MLS residential listings, effective as of 11/24/2022
#realestate
