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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Berkeley (West)
Sold past 1-6 months (n=25) median (med) $982,000 Days on Market (DOM)=13
Sold past 7-12 months (n=178) med $1,200,000 DOM=12
This suggests a primary (yearly) change of -18.167%.
Sold past 1-3 months (n=13) med $1,000,000 DOM=18
Sold past 4-6 months (n=15) med $1,125,000 DOM=13
This suggests a secondary (quarter to quarter) change of -11.111%.
There are 3 current active listings ranging from $919,000 to $1,549,000 with median DOM at 89 days. Range 4–93 days.
There is 1 pending listing (in contract) at $1,325,000. DOM=6
11/15 review: primary change -3.017%; secondary change -14.729%. 9/29 review: primary change +10.481; secondary change -14.583%.
So, what’s going on? The yearly (primary) trend has accelerated very similar to the rest of Berkeley. The quarter-to-quarter (secondary) trend has moderated and is now below the 11/15 bottom of -14.7%. The sample sizes (n) are fairly small for this market. This is often all we get to work with. We have to rely on what the market gives us. Here, the trends are consistent with what we have seen in both the Northern and Southern portions of Berkeley. This gives us some confidence. We again see the moderation of the quarter-to-quarter trend which is suggestive of the waning influence of higher mortgage interest rates. I expect that moderation to continue and start to affect the yearly trend sooner rather than later. We will just have to wait and see.
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 West of San Pablo Ave, all MLS residential listings, effective as of 01/17/2023 #realestate
