Facebook
X
Pinterest
Copy Link
What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (West)
Sold past 1-6 months (n=81) median (med) $766,660 Days on Market (DOM)=24
Sold past 7-12 months (n=125) med $749,000 DOM=19
This suggests a primary (year) change of +2.358%
Sold past 1-3 months (n=40) med $772,500 DOM=35
Sold past 4-6 months (n=41) med $766,660 DOM=22
This suggests a secondary (quarter to quarter) change of +0.762%.
There are 26 current active listings ranging from $518,000 to $1,150,000 with median DOM at 55 days. Range 5 – 186 days.
There are 14 pending listings (in contract) ranging from $485,000 to $1,599,000 with median DOM at 80 days. Range 3 – 126 days.
So, what’s going on? The 10/20 review of West Oakland suggested a primary change of +7.047% and a secondary change of -7.360%. The 9/9 review suggested a primary change of +0.130% and a secondary change of +1.974%. This area appears to have a degree of stability. Remember, a change of less than 2% (+/-) is considered stable. The primary trend has remained either positive or stable since we began looking here. The secondary trend has seen some swings between positive and negative but, is currently stable. Interesting, no? My theory here is that the bulk of this market is at a price point that has drawn buyers who have had their budgets reduced by interest rate increases and are now buying here. These are probably buyers who needed to get into a new home for one reason or another. The primary trend seems to have moderated and is just above stable. Will it slide into negative territory? We will just have to come back and see…
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
CA OREA License No. AR041451 – JamesForquer.com
Data is from EBRDMLS and includes the City of Oakland North of Hwy 280, South of Hwy 580, East of Frontage Rd, and West of Hwy 980, all MLS residential listings, effective as of 12/07/2022
#realestate
