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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Piedmont (All)
Sold past 1-6 months (n=44) median (med) $2,747,500 Days on Market (DOM)=12
Sold past 7-12 months (n=71) med $2,800,000 DOM=12
This suggests a primary (yearly) change of -1.875%.
Sold past 1-3 months (n=13) med $2,700,000 DOM=12
Sold past 4-6 months (n=31) med $2,795,000 DOM=17
This suggests a secondary (quarter to quarter) change of -3.399%.
There are 10 current active listings ranging from $425,000 to $4,880,000 with median DOM at 9 days. Range 1–122 days.
There are 4 pending listings (in contract) ranging from $1,695,000 to $4,995,000 with median at 9 Days. Range 1/12 days.
12/01 review: yearly change –1.875% (stable-change of less than 2%); quarter-to-quarter change +3.835%. 10/14 review: yearly change -7.898%: quarter-to-quarter change -4.491%.
So, what’s going on? Piedmont looks similar to Montclair where the quarter-to-quarter trend started to moderate but then reversed. It is still off of its bottom but not by much. The sample size for the current quarter is pretty small and may be skewing this picture. Regardless, I am not concerned about this retreat and believe it is not systemic. I think we will see continued if not straight line, moderation of both the yearly and quarter-to-quarter trends. We will come back here and check in the next 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 Office of Real Estate Appraisers License No. AR041451 – JamesForquer.com – jamesforquer@comcast.net Data is from EBRDMLS and includes the City of Piedmont, all MLS residential listings, effective as of 02/02/2023
Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer – CA Department of Real Estate License No. 01205407
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