Oakland CA (Lake Merritt, Cleveland Heights & vicinity)

by James Forquer

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

The Appraiser’s Appraisal

City of Oakland (Lake Merritt, Cleveland Heights & vicinity)

Sold past 1-6 months (n=70) median (med) $650,000 Days on Market (DOM)=23

Sold past 7-12 months (n=111) med $634,000 DOM=20

This suggests a primary (yearly) change of +2.524%.

Sold past 1-3 months (n=27) med $580,000 DOM=33

Sold past 4-6 months (n=43) med $700,000 DOM=22

This suggests a secondary (quarter to quarter) change of -17.143%.

There are 27 current active listings ranging from $355,000 to $4,000,000 with median DOM at 35 days. Range 6–180 days.

There are 8 pending listings (in contract) ranging from $359,000 to $1,195,000 with median DOM at 23 Days. Range 1-87 days.

12/09 review: yearly change +1.270%; quarter-to-quarter change +5.600%. 10/22 review: yearly change -2.582%: quarter-to-quarter change -8.537%. 9/11 review: yearly change -3.976%; quarter-to-quarter change -3.475%.

So, what’s going on? This appears to be another market which is still in flux. It looked like the numbers were improving and then, we had a reversal in the quarter-to-quarter trend. The yearly trend shows as positive, but the quarter-to-quarter trend has gone negative. I suspect we will see the yearly trend turn negative in the next month or so. I believe it has currently bottomed out. Here, the yearly trend started out negative, moderated in October, went stable in December and is now positive. The quarter-to-quarter trend started out negative, went further down in October, turned positive in December and is now negative again. This is suggestive of the ups and downs we sometimes see in real estate. We will come back here in a few weeks to see which way it goes next…

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 880, South of Grand Ave/Hwy 580, East of Hwy 980, and West of Park Blvd/5^th St, all MLS residential listings, effective as of 02/10/2023

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