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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
San Ramon (East)
Sold past 1-6 months (n=216) median (med) $1,537,000 Days on Market (DOM)=18
Sold past 7-12 months (n=228) med $1,900,000 DOM=6
This suggests a primary (year) change of -19.105%.
Sold past 1-3 months (n=68) med $1,588,994 DOM=14
Sold past 4-6 months (n=148) med $1,515,000 DOM=19
This suggests a secondary (quarter to quarter) change of +4.884%.
There are 22 current active listings ranging from $509,000 to $3,199,999 with median DOM at 62 days. Range 1 – 238 days.
There are 4 pending listings (in contract) ranging from $498,900 to $2,380,000 with median DOM at 48 days. Range 9 – 84 days.
11/3 review: primary change -1.745%; secondary change -8.989%. 9/21 review: primary change +10.429%; secondary change -26.667%. So, what’s going on? The primary trend has accelerated, and the secondary trend has gone from negative to positive. There is that moderation of the secondary trend again, but this market is still down for the year by a significant amount. I expect the primary trend to start to moderate in the near term and both primary and secondary trends to recover this year. I have seen proclamations by other real estate professionals which claim that we are still in an appreciating market. I am not clear on how they are measuring the markets. I am seeing overall declines in most of the immediate East Bay. I expect the quarter-to quarter trends to fluctuate in the near term and both the primary and secondary trends to moderate and turn positive this year. That is of course, if we do not have any employment surprises or other economic shocks. I believe we will start to see prices recover in the Spring due to limited inventory. We will just have to wait and see…
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 San Ramon North of the City of Dublin, South of Crow Canyon Rd, East of the City Limits and West of Alcosta Blvd/Village Pkwy, all MLS residential listings, effective as of 01/06/2023
#realestate
