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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Moraga (all)
Sold past 1-6 months (n=82) median (med) $1,625,500 Days on Market (DOM)=10
Sold past 7-12 months (n=116) med $1,747,500 DOM=7
This suggests a primary (year) change of -7.010%.
Sold past 1-3 months (n=33) med $1,665,000 DOM=14
Sold past 4-6 months (n=49) med $1,555,000 DOM=8
This suggests a secondary (quarter to quarter) change of +7.074%.
There are 9 current active listings ranging from $439,000 to $1,745,000 with median DOM at 27 days. Range 1 – 101 days.
There are 10 pending listings (in contract) ranging from $399,000 to $2,999,000 with median DOM at 36 days. Range 1 – 77 days.
So, what’s going on? The 10/24 review of Moraga suggested a primary change of -5.660% and a secondary change of -2.439%. The 9/13 review suggested a primary change of +8.333% and a secondary change of -14.795%. The primary negative trend has accelerated which was expected. The secondary trend has moderated and is now positive. There is that secondary trend moderation again. My theory remains: Interest rate increases have forced the return of seasonality, but those effects are limited by supply. We would not typically expect to see increases at this time of year, so interest rates seem to have dragged the market down only so far. If I were looking at a home in Moraga, I would think this may be the right time to buy! We will come back to this market in a few weeks and see what transpires.
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
CA OREA License No. AR041451 – JamesForquer.com
Data is from EBRDMLS and includes the Town of Moraga (all), all MLS residential listings, effective as of 12/13/2022
#realestate
