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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
San Ramon (North)
Sold past 1-6 months (n=89) median (med) $1,375,000 Days on Market (DOM)=19
Sold past 7-12 months (n=99) med $1,700,000 DOM=7
This suggests a primary (year) change of -19.118%
Sold past 1-3 months (n=36) med $1,377,500 DOM=37
Sold past 4-6 months (n=53) med $1,350,000 DOM=17
This suggests a secondary (quarter to quarter) change of +2.037%.
There are 9 current active listings ranging from $619,000 to $2,349,999 with median DOM at 42 days. Range 1 – 154 days.
There are 6 pending listings (in contract) ranging from $1,288,000 to $2,153,649 with median DOM at 25 days. Range 8 – 63 days.
So, what’s going on? The 11/02 review suggested a primary decrease of -9.464% and a secondary decrease of -11.746%. The 9/20 review suggested a primary increase of +14.695% and a secondary decrease of -22.857%. The primary trend has gone from positive to negative, then further negative. The secondary trend appears to have moderated and is now (just barley) positive. The acceleration of the yearly (primary) trend is expected as the data ages but, there is that secondary moderation again. We have seen this in several East Bay markets, and it is suggestive of a rebound from higher interest rates. Any recovery will be sporadic which is the nature of most normal real estate trends. I still expect fluctuations in the quarter-to-quarter trend with the primary trend moderating by the end of the year. I would anticipate overall increases in the Spring and Summer. 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 – jamesforquer@comcast.net
Data is from EBRDMLS and includes the City of San Ramon North of Alcosta Rd, South of Crow Canyon Rd, East of Hwy 680 and West of Alcosta Rd, all MLS residential listings, effective as of 01/05/2023
#realestate
