Oakland CA (West)

by James Forquer

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

The Appraiser’s Appraisal

City of Oakland (West)

Sold past 1-6 months (n=58) median (med) $737,450 Days on Market (DOM)=35

Sold past 7-12 months (n=127) med $770,000 DOM=17

This suggests a primary (yearly) change of -4.227%.

Sold past 1-3 months (n=31) med $720,000 DOM=42

Sold past 4-6 months (n=27) med $775,000 DOM=22

This suggests a secondary (quarter to quarter) change of -7.097%.

There are 25 current active listings ranging from $498,000 to $1,190,000 with median DOM at 34 days. Range 4–249 days.

There are 27 pending listings (in contract) ranging from $479,500 to $1,000,000 with median DOM at 77 Days. Range 3-202 days.

12/07 review: yearly change +2.358%; quarter-to-quarter change +0.762% (stable). 10/20 review: yearly change +7.047%: quarter-to-quarter change -7.360%. 9/09 review: yearly change +0.130% (stable); quarter-to-quarter change +1.974% (stable).

So, what’s going on? This area appears to be in flux. We see the trends go from stable, up, down and sideways. I do not think this will become a common pattern. There is something going on behind the data, maybe it’s price range. Note the days on market, they appear dramatically up. The yearly trend started out stable, turned positive in October, went down in December and is now negative. The quarter-to-quarter trend also started out stable, turned negative in October, went stable in December and is also now negative. I am still expecting the secondary (quarter-to-quarter) trend to turn positive in the near term but as we see here, it can do so and go back to negative territory. We will have to come back to this market in a month or so and see what is what.

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 280, South of Hwy 580, East of Frontage Rd and West of Hwy 980, all MLS residential listings, effective as of 02/08/2023

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