Oakland (Montclair)

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

The Appraiser’s Appraisal

Oakland (Montclair)

Sold past 1-6 months (n=144) median (med) $1,552,500 Days on Market (DOM)=14

Sold past 7-12 months (n=143) med $1,685,000 DOM=12

This suggests a primary (year) change of -7.864%.

Sold past 1-3 months (n=59) med $1,475,000 DOM=17

Sold past 4-6 months (n=85) med $1,600,000 DOM=13

This suggests a secondary (quarter to quarter) change of -7.813%.

There are 23 current active listings ranging from $749,000 to $2,495,000 with median DOM at 53 days. Range 2 – 172.

There are 16 pending listings (in contract) ranging from $318,000 to $2,300,000 with median DOM at 28 days. Range 4 – 102 days.

So, what’s going on? The 10/12 review of Montclair suggested a primary decrease of -1.212% which is effectively stable (change of less than 2%) and a secondary decrease of -13.650%. The 9/3 review suggested a primary increase of +2.989% and a secondary decrease of -8.600%. It appears that the primary trend has turned solidly negative. We again see the secondary trend peak and retreat. This mirrors other local market we have looked at. It suggests that the effects of interest rate increases may have run their course. If we only look only at detached SFR the data suggests that the secondary decline has not moderated but is still softening. Regardless, I expect further moderation of the secondary trend with modest increases in the Spring. The primary trend will eventually follow but, we will just 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 Joaquin Miller/Redwood Parks, South of Hwy 24, East Hwy 13 and West of Contra Costa County, all MLS residential listings, effective as of 11/29/2022

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