El Cerrito CA

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

The Appraiser’s Appraisal

El Cerrito (all)

Sold past 1-6 months (n=91) median (med) $1,200,000 Days on Market (DOM)=15

Sold past 7-12 months (n=127) med $1,310,000 DOM=13

This suggests a primary (yearly) change of -8.397%.

Sold past 1-3 months (n=34) med $1,079,000 DOM=14

Sold past 4-6 months (n=20) med $1,230,000 DOM=16

This suggests a secondary (quarter to quarter) change of -12.276%.

There are 12 active listings ranging from $688,000 to $1,649,000 with a median DOM at 14 days.  Range 1-153 days.

There are 12 pending listings (in contract) ranging from $679,000 to $1,580,000 with median DOM at 14 days.  Range 1-201 days.

1/12 review: yearly change -7.443%; quarter-to-quarter change -2.041%.  11/10 review: yearly change 0%; quarter-to-quarter change -5.687%.  9/26 review: yearly change +9.167%; quarter-to-quarter change -12.400%.

So, what’s going on?  Here we see that both the yearly and quarter-to-quarter trends have deteriorated.  The yearly trend is now below any of our prior observations and the quarter-to-quarter trend is very near its all-time bottom.  This quarter-to-quarter reversal may just be typical market variations but, it is showing up more often.   For now, I am sticking with my initial projection that the markets will start to improve and turn positive by late Spring or early Summer.  That assessment could change if we keep seeing these reversals.  Stay tuned!

Have any other real estate questions?   Want to know what is 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 all of the City of Albany, all MLS residential listings, effective as of 03/07/2023

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

#realestate #property #investment #househunting