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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Redwood Heights)
Sold past 1-6 months (n=46) median (med) $1,095,000 Days on Market (DOM)=13
Sold past 7-12 months (n=58) med $1,050,000 DOM=13
This suggests a primary (year) change of +4.286%.
Sold past 1-3 months (n=11) med $960,000 DOM=16
Sold past 4-6 months (n=35) med $1,200,000 DOM=13
This suggests a secondary (quarter to quarter) change of -20.000%.
There are 8 current active listings ranging from $724,000 to $3,100,000 with median DOM at 45 days. Range 6 – 109.
There are 5 pending listings (in contract) ranging from $499,000 to $850,000 with median DOM at 15 days. Range 9 – 39 days.
So, what’s going on? The 10/11 review of Redwood Heights suggested a primary increase of +11.982% and a secondary decrease of -22.605%. The 9/2 review suggested a primary increase of +14.623% and a secondary decrease of -0.830% which is effectively stable (change of less than 2%). It appears that the primary trend has moderated but is still positive. We again see the secondary trend appear to peak and then retreat. This may signal the extent of interest rates effect on housing values. These trends seldom go in a straight line but, the curve is there. The current quarter sample size is pretty small, and the corresponding secondary trend has to be taken with a grain of salt. Still, this matches trends we have seen in the past week or so in other East Bay markets. I would expect that the secondary trend will continue to moderate, and the primary trend will approach zero in the near term (and may even go negative). The Spring promises to bring some measure of appreciation but, it will be a while until we see the eye watering increases common in the last few years.
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 the intersection of Hwy’s 13 & 580, South of 35th Ave, East Hwy 580 and West of Hwy 13, all MLS residential listings, effective as of 11/28/2022
#realestate
