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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Oakland (Redwood Heights)
Sold past 1-6 months (n=27) median (med) $950,000 Days on Market (DOM)=18
Sold past 7-12 months (n=58) med $1,270,000 DOM=12
This suggests a primary (year) change of -25.197%.
Sold past 1-3 months (n=7) med $810,000 DOM=7
Sold past 4-6 months (n=20) med $979,460 DOM=15
This suggests a secondary (quarter to quarter) change of -17.301%.
There are 4 current active listings ranging from $758,000 to $1,489,000 with median DOM at 5 days. Range 3–149 days.
There are 4 pending listings (in contract) ranging from $650,000 to $1,175,000 with median DOM at 18. Range 3-86
11/28 review: yearly change +4.286%; quarter-to-quarter change -20.000%. 10/11 review: yearly change +11.982%; quarter-to-quarter change -22.605%. 9/2 review: yearly change +14.623%; quarter-to-quarter change -0.830%
So, what’s going on? This market was amongst the last to see declines from interest rate increases and it appears to be showing the effects now. The yearly negative trend has accelerated. I think this yearly trend will start to moderate and head back up in the very near term. The quarter-to-quarter trend looks to have moderated off the 10/11 bottom but, the sample sizes for the current quarter are too small to be relied upon. The reduction in volume (number of sales) may just be the story here. We will come back here in about a month to see if the market can give us a few more sales.
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 the intersection of Hwy’s 13 & 580, South of 35th Ave, East of Hwy 580 and West of Hwy 13, all MLS residential listings, effective as of 01/30/2023
Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer DRE No. 01205407
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