Appraisers Appraisal January 11, 2023

The Albany Market

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

The Appraiser’s Appraisal

Albany, CA (All)

 

Sold past 1-6 months (n=53) median (med) $1,100,000 Days on Market (DOM)=16

Sold past 7-12 months (n=73) med $1,300,000 DOM=11

 

This suggests a primary (year) change of -15.385%.

 

Sold past 1-3 months (n=17) med $1,050,000 DOM=12

Sold past 4-6 months (n=36) med $1,125,000 DOM=17

 

This suggests a secondary (quarter to quarter) change of -6.667%.

 

There are 5 current active listings ranging from $520,000 to $1,398,888 with median DOM at 38 days.  Range 5 – 98 days.

 

There is 1 pending listing (in contract) at $615,000 with DOM at 70 days.

11/9 review: primary change -11.518%; secondary change -28.291%.  9/25 review: primary change +1.961%(stable); secondary change 0%.

So, what’s going on?  The primary trend has accelerated (negative), and the secondary trend has moderated but is still negative.  If the other markets we have looked at in the past weeks are any indicator, we should see the secondary (quarter-to-quarter) trend turn positive in the next month or so.  That secondary trend has already moderated from its bottom of -28%.  The quarter-to-quarter moderation should start to show up in the primary (yearly) trend in 60 to 90 days.  We will just have to come back and see what the data tells us.  This will be an instructive market to keep an eye on.  There is always the possibility of unanticipated economic conditions.  Interest rates may go up which can slow any recovery but, the thing to watch is employment saturation.  Employment is the single most determinative element of real estate demand and subsequent values.

Have any other real estate questions?  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 Albany, all MLS residential listings, effective as of 01/11/2023

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