Oakland – Adams Point & Pill HIll

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

The Appraiser’s Appraisal

Oakland (Adams Point & Pill Hill)

Sold past 1-6 months (n=56) median (med) $627,500 Days on Market (DOM)=28

Sold past 7-12 months (n=70) med $599,000 DOM=16

This suggests a primary (year) change of +4.758%

Sold past 1-3 months (n=29) med $655,000 DOM=30

Sold past 4-6 months (n=27) med $620,00 DOM=28

This suggests a secondary (quarter to quarter) change of +5.645%.

There are 20 current active listings ranging from $299,000 to $1,550,000 with median DOM at 84 days.  Range 7 – 259 days.

There are 9 pending listings (in contract) ranging from $355,000 to $1,800,000 with median DOM at 35 days.  Range 1 – 254 days.

So, what’s going on?   The 10/22 review of this area suggested a primary change of +7.545% and a secondary change of -10.769%.  The 9/10 review suggested a primary change of +12.182% and a secondary change of -2.400%.   So, the primary trend has decelerated but is still positive and the secondary trend has gone from negative, to solidly negative and is now positive.  This area may be passed the worst of the interest rate increase effects.  Overall, it looks to be appreciating.  Looking at the days on market for the pending and active listings, we see that these are increasing.  DOM is a good indicator of the velocity of the market.  This is measured in what is called absorption rate.  We may come back to this concept but, not today…  After looking at the DOM and the progression of trends in other areas, I am not that confident we have a consistent pattern.  This is yet another area we should look at again in a few weeks to see what the data tells us.  As of today, it looks to be gaining ground.

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 Grand Ave, South & East of Hwy 580, and West of Hwy 24, all MLS residential listings, effective as of 12/08/2022

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