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

by James Forquer

Oakland, (Crocker Highlands, Lakeshore & Trestle Glen)

Sold past 1-6 months (n=102) median (med) $1,682,500 Days on Market (DOM)=12

Sold past 7-12 months (n=102) med $1,356,000 DOM=13

This suggests a primary (year) change of +24.878%.

Sold past 1-3 months (n=42) med $1,602,500 DOM=13

Sold past 4-6 months (n=60) med $1,742,500 DOM=12

This suggests a secondary (quarter to quarter) change of -8.034%.

There are 15 current active listings ranging from $299,900 to $2,989,000 with median DOM at 17 days. Range 2 – 170 days.

There are 12 pending listings (in contract) ranging from $455,000 to $2,395,000 with median DOM at 14 days. Range 12 – 42 days.

So, what’s going on? We looked at this area on 9/1. At that time there appeared to be both primary and secondary increases of +16.071% and +8.387% respectively. Currently, there appears to be a primary increase and the secondary trend has turned negative. It would again appear that interest rates are having their intended effect. My crystal ball seems to be broken and I am not comfortable predicting what will happen next. However, I still believe we are returning to a market more akin to 2007 without the 2008 shock. We will have to see what the Spring brings.

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 Park Blvd, South of Oakland Ave, East of Hwy 880 and West of the City of Piedmont, all MLS residential listings, effective as of 10/10/2022