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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Berkeley (North)
Sold past 1-6 months (n=130) median (med) $1,475,000 Days on Market (DOM)=14
Sold past 7-12 months (n=178) med $1,840,000 DOM=13
This suggests a primary (year) change of -19.837%.
Sold past 1-3 months (n=62) med $1,402,500 DOM=14
Sold past 4-6 months (n=80) med $1,575,000 DOM=14
This suggests a secondary (quarter to quarter) change of -10.952%.
There are 12 current active listings ranging from $335,000 to $3,995,000 with median DOM at 39 days. Range 2–167 days.
There are 3 pending listings (in contract) ranging from $875,000 to $2,395,000 with median DOM at 17 days. Range 12-58
11/14 review: primary change -5.714%; secondary change -16.312%. 9/28 review: primary change +7.125; secondary change -10.811%.
So, what’s going on? The yearly (primary) trend has accelerated as expected. The quarter-to-quarter (secondary) trend has moderated and is now below the 11/17 bottom of -16%. The quarter-to quarter trend has come up but is still negative. I would expect to see the moderation continue and the yearly trend to follow. This may not be a straight line and there could be ups and downs but, I think the overall trajectory will be up. We will come back here and take a look in a few weeks…
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 University Ave, South of Contra Costa County, East of San Pablo Ave and West of Contra Costa County, all MLS residential listings, effective as of 01/16/2023 #realestate
