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Appraisers Appraisal • March 9, 2023

Berkeley, CA (South)

by James Forquer

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

The Appraiser’s Appraisal

Berkeley (South)

 

Sold past 1-6 months (n=106) median (med) $1,450,250 Days on Market (DOM)=15

Sold past 7-12 months (n=193) med $1,550,000 DOM=13

 

This suggests a primary (yearly) change of -6.435%.

 

Sold past 1-3 months (n=47) med $1,280,000 DOM=19

Sold past 4-6 months (n=59) med $1,500,000 DOM=14

 

This suggests a secondary (quarter to quarter) change of -14.667%.

 

There are 25 active listings ranging from $299,000 to $5,125,000 with a median DOM at 23 days.  Range 1-158 days.

 

There are 19 pending listings (in contract) ranging from $350,000 to $2,795,000 with median DOM at 22 days.  Range 8-148 days.

1/13 review: yearly change -10.787%; quarter-to-quarter change -5.973%.  11/10 review: yearly change +3.321%; quarter-to-quarter change -3.226%.  9/27 review: yearly change +11.250%; quarter-to-quarter change -9.375%.

So, what’s going on?  Here the yearly trend has improved and the quarter-to-quarter trend has deteriorated.  Both are still negative.  The yearly trend is off of its January bottom of -10.5% and the quarter-to-quarter trend appears to be at its all-time bottom (for now).  This is a slightly different pattern but the reversal of the quarter-to-quarter trend suggested that the yearly trend will follow suit.  We will have to keep tabs on this section of Berkeley and will come back here in a few weeks.  I may have to revise my opinion that we will see improvements in the short term but, not quite yet.

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 the City of Berkeley South of University Ave, and East of San Pablo Ave, all MLS residential listings, effective as of 03/09/2023

 

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

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