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El Cerrito (All)
Sold past 1-6 months (n=118) median (med) $1,212,500 Days on Market (DOM)=15
Sold past 7-12 months (n=112) med $1,310,000 DOM=13
This suggests a primary (year) change of -7.443%.
Sold past 1-3 months (n=59) med $1,200,000 DOM=15
Sold past 4-6 months (n=36) med $1,225,000 DOM=14
This suggests a secondary (quarter to quarter) change of -2.041%.
There are 4 current active listings ranging from $649,000 to $1,099,000 with median DOM at 22 days. Range 1–98 days.
There are 4 pending listings (in contract) ranging from $595,000 to $899,000 with median DOM at 137 days. Range 7-201
11/10 review: primary change 0%; secondary change -5.687%. 9/26 review: primary change +9.167; secondary change -12.400%.
So, what’s going on? The yearly (primary) trend has accelerated as expected. The 10 November review had it at exactly stable and it is now negative. The quarter-to-quarter (secondary) trend has moderated from its bottom of -12% and is now almost stable. This is becoming a familiar pattern. It is interesting to note the days on market for the pending sales. This is a pretty small sample but, 137 days! Maybe this will be the main, lingering effect of the rate increases. I expect we will continue to see moderation in both the primary and secondary trends unless The Fed thinks we need to dramatically raise short-term interest rates. These short-term rates indirectly influence mortgage rates. Regardless, interest rate increases will only slow any recovery. The housing market will react to limited inventory and the attitudes of buyers (and sellers) which comes back to how secure they feel with respect to their income and the overall economy. We will revisit El Cerrito again in a month or so. Stay tuned!
Have any other real estate questions? 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 El Cerrito (all), all MLS residential listings, effective as of 01/12/2023
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