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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Alamo Township (All)
Sold past 1-6 months (n=57) median (med) $2,400,000 Days on Market (DOM)=25
Sold past 7-12 months (n=98) med $2,800,000 DOM=7
This suggests a primary (yearly) change of -14.286%.
Sold past 1-3 months (n=19) med $2,100,000 DOM=27
Sold past 4-6 months (n=38) med $2,800,000 DOM=23
This suggests a secondary (quarter to quarter) change of -13.828%.
There are 20 active listings ranging from $1,125,000 to $8,499,000 with a median DOM at 22 days. Range 1-128 days.
There are 14 pending listings (in contract) ranging from $1,749,000 to $3,350,000 with median DOM at 10 days. Range 5-105 days.
12/23 review: yearly change -17.241%; quarter-to-quarter change –12.353%. 10/28 review: yearly change -0%; quarter-to-quarter change -20.807%. 9/17 review: yearly change +6.897%; quarter-to-quarter change -15.156%.
So, what’s going on? This market appears to be lagging. This would be considered a high value market even by California standards and this may play into its lack of improvement. Both the yearly and quarter-to-quarter trends have deteriorated. Still, that quarter-to-quarter change is less than 2% which makes me think it is hovering near the bottom. It’s well above the October low of -20.8%. I expect that the quarter-to-quarter trend will improve in the short term and the yearly trend will follow. If anyone is looking to move to Alamo, this may be just the right time. The current sales to list price ratio is 96% which means that we can expect the active listings to go for around 4% less than the advertised $1,125,000 to $8,499,000. What a bargain!
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 all of Alamo Township, all MLS residential listings, effective as of 02/24/2023
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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