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Oakland, (Montclair)
Sold past 1-6 months (n=175) median (med) $1,600,000 Days on Market (DOM)=12
Sold past 7-12 months (n=135) med $1,650,000 DOM=13
This suggests a primary (year) change of -1.212%. This is considered stable.
Sold past 1-3 months (n=75) med $1,500,000 DOM=15
Sold past 4-6 months (n=31) med $1,737,117 DOM=12
This suggests a secondary (quarter to quarter) change of -13.650%.
There are 36 current active listings ranging from $350,000 to $2,499,000 with median DOM at
29 days. Range 1 – 132 days.
There are 10 pending listings (in contract) ranging from $799,000 to $2,295,000 with median DOM at 14 days. Range 1 – 120 days.
So, what’s going on? The review of the Montclair District from 3 Sept suggested a primary increase of 2.989% (just above stable) and a secondary decline of 8.600%. The current numbers suggest that the primary trend has (just barley) turned negative and the negative secondary trend has accelerated. The days on market appear to be ticking up from this quarter as compared to last quarter. All in all, this is not that much different than what we would have expected from normal seasonality. However, we know that mortgage interest rates have increased significantly. My base theory still holds true at this point. We are seeing the interest rate environment forcing a return to a more normal pattern. We will just have to wait and see what the “normal” selling season brings but I am guessing we will see modest increases in both volume and prices. All of that said, we also have to keep an eye on interest rates. How far will they go? The thing about interest rates is that buyers and owners will become accustomed to these higher rates as people refinance and others buy in. Not to be redundant but, mortgages are still the cheapest money out there.
Where should we look next?
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
Data is from EBRDMLS and includes Oakland North of Joaquin Miller/Redwood Parks, South of Hwy 24, East of Hwy 13 and South of the Contra Costa County Line, all MLS residential listings, effective as of 10/12/2022
