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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Berkeley (South)
Sold past 1-6 months (n=130) median (med) $1,389,500 Days on Market (DOM)=15
Sold past 7-12 months (n=178) med $1,557,500 DOM=13
This suggests a primary (year) change of -10.787%.
Sold past 1-3 months (n=30) med $1,377,500 DOM=15
Sold past 4-6 months (n=80) med $1,465,000 DOM=14
This suggests a secondary (quarter to quarter) change of -5.973%.
There are 17 current active listings ranging from $549,000 to $4,995,000 with median DOM at 22 days. Range 1–120 days.
There are 15 pending listings (in contract) ranging from $699,000 to $3,950,000 with median DOM at 41 days. Range 9-110
11/11 review: primary change +3.621%; secondary change -3.226%. 9/27 review: primary change +11.250; secondary change -9.375%.
So, what’s going on? The yearly (primary) trend has accelerated as expected. The quarter-to-quarter (secondary) trend started to moderate but has turned more negative since the 11 November review. This shows that any recovery will not necessarily be smooth across areas or even within the same area. This is to be expected. The quarter-to-quarter trend has still moderated compared to the bottom of -9%. It could be that price points have some influence. Some of the reviews have hinted at this and it is an indicator of the large number of potential variables that can impact real estate values. I would expect to see the secondary trend continue to moderate and the primary trend to follow this year. This is yet another market worth looking at again in a few weeks. We will look at the Northern part of Berkeley on Monday.
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 Berkeley North of the City of Oakland, South of University Ave, East of San Pablo Ave and West of Contra Costa County, all MLS residential listings, effective as of 01/13/2023 #realestate
