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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Crestmont, Ridgemont & Skyline Districts)
Sold past 1-6 months (n=35) median (med) $1,549,000 Days on Market (DOM)=13
Sold past 7-12 months (n=26) med $1,669,000 DOM=8
This suggests a primary (year) change of -7.190%.
Sold past 1-3 months (n=16) med $1,495,000 DOM=14
Sold past 4-6 months (n=19) med $1,700,000 DOM=14
This suggests a secondary (quarter to quarter) change of -12.059%.
There are 4 current active listings ranging from $1,598,000 to $2,295,000 with median DOM at 33 days. Range 25 – 77.
There are 4 pending listings (in contract) ranging from $409,000 to $3,195,000 with median DOM at 29 days. Range 4 – 91 days.
So, what’s going on? The 10/13 review of this area suggested a primary change of +1.203% which is effectively stable (change of less than 2%) and a secondary change of -9.150%. The 9/4 review suggested a primary change of +6.250% and a secondary change of +1.857%. It appears that the primary trend has again turned solidly negative, and the secondary trend has accelerated. This is different than the most recent areas we have looked at. There is no moderation in the secondary trend. The sample sizes are rather small, and we may not be getting a good picture. My suspicion is that we will see moderation of the secondary trend in the next few weeks. This is based on the appearance of this trend in other, nearby markets. Here, we are still seeing the effects of interest rate increases and seasonality. Many of the other markets are seeing what looks like a waning effect from interest rates. We will have to come back to this area in a few weeks and see what the data tells us.
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 Keller Ave, South of Redwood Rd/Redwood Park, East of the open space between Campus Dr and Hwy 580 and West of Contra Costa County, all MLS residential listings, effective as of 11/30/2022
#realestate
