What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Crocker Highlands, Lakeshore and Trestle Glen)
Sold past 1-6 months (n=90) median (med) $1,682,500 Days on Market (DOM)=13
Sold past 7-12 months (n=96) med $1,348,500 DOM=13
This suggests a primary (year) change of +24.768%.
Sold past 1-3 months (n=44) med $1,672,500 DOM=13
Sold past 4-6 months (n=46) med $1,682,500 DOM=13
This suggests a secondary (quarter to quarter) change of -0.594% which is effectively stable.
There are 17 current active listings ranging from $399,000 to $2,195,000 with median DOM at 29 days. Range 6 – 216.
There are 8 pending listings (in contract) ranging from $299,900 to $2,489,000 with median DOM at 19 days. Range 2 – 113 days.
So, what’s going on? The 10/10 review of this area suggested a primary increase of +24.078% and a secondary decrease of -8.034%. The 9/1 review suggested a primary increase of +16.071% and a secondary increase of +8.387%. It appears that the primary trend has accelerated and is now at its peak. This suggests a very resilient demand for homes in this area. Even with interest rate increases, this market continued to appreciate flying in the face of almost every other East Bay market. The secondary trend appears to have gone from positive to negative and then, has moderated. It currently appears stable (change of less than 2%). This suggests that interest rates have had limited effect on values for this area and that effect is now run its course. Crocker Highlands, Lakeshore and Trestle Glen have always enjoyed a robust demand, and this seems to have insulated these markets form much of the turmoil seen in many of the other areas.
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 Oakland Ave, East Hwy 580 and West of the City of Piedmont, all MLS residential listings, effective as of 11/25/2022