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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Dimond & Oakmore Districts)
Sold past 1-6 months (n=83) median (med) $1,175,000 Days on Market (DOM)=14
Sold past 7-12 months (n=103) med $1,400,000 DOM=12
This suggests a primary (year) change of -16.071%.
Sold past 1-3 months (n=30) med $1,080,000 DOM=14
Sold past 4-6 months (n=53 med $1,200,000 DOM=14
This suggests a secondary (quarter to quarter) change of -10.000%.
There are 11 current active listings ranging from $495,000 to $1,248,000 with median DOM at 11 days. Range 3–118 days.
There is 1 pending listing (in contract) ranging at $799,000. DOM=69 days.
11/23 review: primary change -5.679%; secondary change -12.462%. 10/08 review: primary change +3.486; secondary change -13.043%.
So, what’s going on? The yearly (primary) trend has accelerated as expected. It is possible the yearly trend may have a little more way to go before it reaches the bottom. The quarter-to-quarter trend has moderated but, it is still at -10%. I expect this to continue to moderate, turn positive and eventually be reflected in the yearly trend. This again demonstrates that not all areas are going to experience the same trends at the same time. I will still hang my hat on modest increases in the Spring.
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 Office of Real Estate Appraisers License No. AR041451 – JamesForquer.com – jamesforquer@comcast.net Data is from EBRDMLS and includes the City of Oakland North of 35th Ave, South of Park Blvd, East of Hwy 580 and West of Hwy 13, all MLS residential listings, effective as of 01/25/2023
Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer DRE No. 01205407
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