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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Emeryville (all)
Sold past 1-6 months (n=64) median (med) $502,500 Days on Market (DOM)=18
Sold past 7-12 months (n=92) med $523,500 DOM=17
This suggests a primary (year) change of -4.011%.
Sold past 1-3 months (n=37) med $500,000 DOM=27
Sold past 4-6 months (n=27) med $550,000 DOM=14
This suggests a secondary (quarter to quarter) change of -9.091%.
There are 37 current active listings ranging from $399,000 to $995,000 with median DOM at 38 days. Range 1 – 170 days.
There are 8 pending listings (in contract) ranging from $399,000 to $719,000 with median DOM at 41 days. Range 7 – 102 days.
So, what’s going on? The 10/23 review of the City of Emeryville suggested a primary change of 0% and a secondary change of -19.435%. The 9/12 review suggested a primary change of +15.833% and a secondary change of +6.796%. The primary trend has turned solidly negative, and the secondary trend has moderated. There is that secondary moderation again. I believe this is signaling the diminishing effect of raising interest rates and I would expect it to continue. We only have three data sets but, it looks like a trend taken in the context of other local markets where there are similar trends. My base theory remains: We will continue to see moderation of the decreases with modest increases in the Spring but, time will tell…
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 Emeryville (all), all MLS residential listings, effective as of 12/12/2022
#realestate
