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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
The City of Pleasant Hill (all)
Sold past 1-6 months (n=203) median (med) $965,000 Days on Market (DOM)=16
Sold past 7-12 months (n=214) med $1,047,500 DOM=7
This suggests a primary (year) change of -7.876%
Sold past 1-3 months (n=82) med $920,000 DOM=15
Sold past 4-6 months (n=121) med $985,000 DOM=17
This suggests a secondary (quarter to quarter) change of -6.599%.
There are 33 current active listings ranging from $349,000 to $1,094,690 with median DOM at 40 days. Range 1 – 153 days.
There are 21 pending listings (in contract) ranging from $650,000 to $1,159,900 with median DOM at 34 days. Range 1 – 151 days.
So, what’s going on? The 10/27 review of Pleasant Hill suggested a primary decrease of -3.340% and a secondary decrease of -11.853%. The 9/16 review suggested a primary increase of +10.526% and a secondary decrease of -10.835%. The primary trend has gone from positive to negative and the secondary trend has moderated. There is that secondary moderation. We do not currently know if our SF markets have moderated and will have to wait and see. Still, this market does not appear to be as distressed as some of these interior SF markets. We will have to keep tabs on the contrasts to see if we can discern some patterns. Here at least, the secondary moderation is suggestive. I am still expecting to see more moderation however, there will be no straight lines in the process. There will be variation. Again, I expect to see modest increases in the Spring. Time will tell.
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 – jamesforquer@comcast.net
Data is from EBRDMLS and includes the City of Pleasant Hill (all), all MLS residential listings, effective as of 12/22/2022
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