Oakland CA (Temescal & Mosswood)

What the heck is going on in the Real Estate Market?

The Appraiser’s Appraisal

City of Oakland (Temescal & Mosswood)

Sold past 1-6 months (n=21) median (med) $1,212,000 Days on Market (DOM)=14

Sold past 7-12 months (n=41) med $1,220,000 DOM=13

This suggests a primary (yearly) change of -0.656% (stable – change of less than 2%).

Sold past 1-3 months (n=9) med $1,212,000 DOM=15

Sold past 4-6 months (n=12) med $1,237,500 DOM=14

This suggests a secondary (quarter to quarter) change of -2.061%.

There are 2 current active listings ranging from $349,000 to $666,976 with median DOM at 148 days.  Range 109–187 days.

There are 3 pending listings (in contract) ranging from $555,000 to $1,000,000 with median DOM at 61 Days.  Range 14-62 days.

12/05 review: yearly change –1.840% (stable); quarter-to-quarter change +54.545% (!).  10/17 review: yearly change -4.959%: quarter-to-quarter change +4.315%.  9/06 review: yearly change +24.409%; quarter-to-quarter change -0.984% (stable).

So, what’s going on?  Just like the last review of this market area this is a case where we do not really have sufficient numbers.  The quarter-to-quarter review from 12/05 suggested an increase of more than 54% and I believe that was a sampling error.  Presently the current quarter sample is even smaller.  In appraisal practice, I would extend the area or look for other market indicators.  There is always more than one way to skin a turnup.  Here I want to be consistent with my location and methodology.   So, all of these conclusions have to be viewed with a high degree of suspicion.    The yearly trend appears to have started out positive, turned negative, stabilized and then remained so.  The quarter-to-quarter trend appears to have started out stable, turned positive and is now just barley negative.   We will come back to this market in a month or so to see if we get larger sample sizes and make more credible conclusions.  For now, it is what it is…

Have any other real estate questions?   Want to know what is 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 Hwy 580, South of 51^st Ave, East of Hwy 24 and West of Broadway, all MLS residential listings, effective as of 02/06/2023

Listing/Sales services provided through Coldwell Banker – Montclair   510-339-6134 Jim Forquer – CA Department of Real Estate License No. 01205407            #realestate