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

Oakland, (Redwood Heights)

Sold past 1-6 months (n=60) median (med) $1,215,000 Days on Market (DOM)=13

Sold past 7-12 months (n=54) med $1,085,000 DOM=13

This suggests a primary (year) change of +11.982%.

Sold past 1-3 months (n=29) med $1,010,000 DOM=13

Sold past 4-6 months (n=31) med $1,305,000 DOM=13

This suggests a secondary (quarter to quarter) change of -22.605%.

There are 7 current active listings ranging from $799,000 to $3,100,000 with median DOM at 38 days. Range 1 – 74 days.

There are 2 pending listings (in contract) ranging from $899,000 to $1,095,000 with median DOM at 34 days. Range 11 – 58 days.

So, what’s going on? The review of Redwood Heights from 2 Sept suggested a primary increase of 14.623% and a secondary decrease of 0.830% (effectively stable-change of less than 2%). The current data suggests a primary increase of almost 12% and a secondary decrease of almost 23%. The days on market for the closed sales is the same as from 2 Sept but the active listings and pending sales have an increase DOM. On 2 Sept, actives showed a median of 12 days and pending sales showed a median of 18 days on market. We are now at a median of 38 days and 34 days on market respectively. This suggests a changing market (who would’ve guessed!). Not only are quarter to quarter sale prices declining, but the days on market are increasing. This is the result of interest rates and the forced return of seasonality. The effects on this area lagged behind some of the other markets we have looked at but, they have appeared here now. I still believe we will start to see increases in the Spring however, these increases will be modest in comparison to the leaps and bounds we have become used to in the past 15 years.

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 the intersection of Hwy’s 13 & 580, East of Hwy 580, West of Hwy 13 and South of 35th Ave, all MLS residential listings, effective as of 10/11/2022