Facebook
X
Pinterest
Copy Link
What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Alameda (Main Island Only)
Sold past 1-6 months (n=235) median (med) $1,250,000 Days on Market (DOM)=13
Sold past 7-12 months (n=211) med $1,225,000 DOM=12
This suggests a primary (year) change of +2.041%.
Sold past 1-3 months (n=109) med $1,200,000 DOM=14
Sold past 4-6 months (n=126) med $1,302,500 DOM=13
This suggests a secondary (quarter to quarter) change of -7.869%.
There are 54 current active listings ranging from $465,000 to $3,000,000 with median DOM at 23 days. Range 2 – 165.
There are 31 pending listings (in contract) ranging from $399,000 to $1,995,000 with median DOM at 21 days. Range 5 – 88 days.
So, what’s going on? The 9/30 review of the Main Island of Alameda suggested a primary increase of 2.449% and a secondary decrease of 2.932%. The primary increase has remained virtually stable, and the secondary decrease has accelerated. This suggests that this part of Alameda has a degree of stability which is a sort of outlier in the East Bay but, the secondary trend is seeing decreases. Again, this is seasonality exacerbated by the increases in mortgage interest rates. Still, this part of Alameda has obvious demand. I still expect some moderation in the decreases provided interest rates do not shoot up dramatically. They have actually gone down a bit and are perhaps themselves, reaching a new equilibrium. People will become accustomed to higher rates as we are nowhere near what we have seen in the last 20 years. Once that happens, I expect housing values to stabilize and even see modest appreciation. I am currently betting on next Spring but, time will tell.
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 the City Alameda -Main Island (94501), all MLS residential listings, effective as of 11/16/2022
#realestate
