Oakland CA (Crestmont, Ridgemont & Skyline)

by James Forquer

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

The Appraiser’s Appraisal

Oakland (Crestmont, Ridgemont & Skyline)

Sold past 1-6 months (n=28) median (med) $1,512,500 Days on Market (DOM)=16

Sold past 7-12 months (n=41) med $1,688,000 DOM=11

This suggests a primary (yearly) change of -10.397%.

Sold past 1-3 months (n=13) med $1,600,000 DOM=13

Sold past 4-6 months (n=15) med $1,450,000 DOM=27

This suggests a secondary (quarter to quarter) change of -10.345%.

There are 4 current active listings ranging from $1,250,000 to $1,699,999 with median DOM at 69 days. Range 21–140 days.

There is 1 pending listing (in contract) at $599,000. DOM=42.

11/30 review: yearly change -7.190%; quarter-to-quarter change –12.059%. 10/13 review: yearly change +1.203% (stable-change of less than 2%); quarter-to-quarter change -9.150%. 9/4 review: yearly change +6.250%; quarter-to-quarter change +1.857% (stable)

So, what’s going on? The quarter-to-quarter change has moderated but, the change is less than 2% so we can say it looks stable from the 11/30 observation. The 11/30 observation appears to be the quarter-to-quarter bottom (at this point). The yearly trend has gone more negative which was to be expected. This is just another example of a familiar pattern. The prevalence of this pattern gives us confidence but, not certainty. I expect that the quarter-to-quarter trends will continue to improve with the yearly trend following suit in 2 to 3 months. We will have to wait and see. Regardless, the data here and in many other areas is promising.

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 Office of Real Estate Appraisers License No. AR041451 – JamesForquer.com – jamesforquer@comcast.net Data is from EBRDMLS and includes the City of Oakland North of Keller Ave, South of Redwood Park/Redwood Rd, East of the open space between Hwy 580 & Campus Dr and West of Costa County, all MLS residential listings, effective as of 02/01/2023

Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer – CA Department of Real Estate License No. 01205407

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