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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Piedmont (all)
Sold past 1-6 months (n=68) median (med) $2,747,500 Days on Market (DOM)=12
Sold past 7-12 months (n=69) med $2,800,000 DOM=12
This suggests a primary (year) change of -1.875% which is effectively stable (change of less than 2%)
Sold past 1-3 months (n=30) med $2,775,000 DOM=13
Sold past 4-6 months (n=38) med $2,672,500 DOM=12
This suggests a secondary (quarter to quarter) change of +3.835%.
There are 7 current active listings ranging from $2,498,000 to $16,800,000 with median DOM at 59 days. Range 13 – 172 days.
There are 4 pending listings (in contract) ranging from $1,795,000 to $3,495,000 with median DOM at 18 days. Range 12 – 33 days.
So, what’s going on? The 10/14 review of Piedmont suggested a primary change of -7.898% and a secondary change of -4.491%. It appears that the primary trend has nearly stabilized, and the secondary trend has moved back into positive territory. This is different. It seems as if the City of Piedmont has not had a sustained effect from interest rate increases. The days on market for the active listings suggest that these (DOM) may be increasing but the pending sales suggest the increase may not very large. We do not currently have a third set of data points here and it will be instructive to revisit Piedmont in the next few weeks to see which direction it’s going.
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 Piedmont (all), all MLS residential listings, effective as of 12/01/2022
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