Berkeley CA (West)

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

The Appraiser’s Appraisal

Berkeley (West)

Sold past 1-6 months (n=22) median (med) $1,100,000 Days on Market (DOM)=13

Sold past 7-12 months (n=27) med $1,240,000 DOM=13

This suggests a primary (yearly) change of -11.290%.

Sold past 1-3 months (n=6) med $1,283,500 DOM=16

Sold past 4-6 months (n=16) med $1,050,000 DOM=13

This suggests a secondary (quarter to quarter) change of -22.238%.

There are 4 active listings ranging from $465,000 to $1,450,000 with a median DOM at 41 days.  Range 4-146 days.

There are 2 pending listings (in contract) ranging from $699,000 to $1,299,000 with median DOM at 72 days.  Range 7-132 days.

1/17 review: yearly change -18.167%; quarter-to-quarter change -11.111%.  11/15 review: yearly change -3.017%; quarter-to-quarter change -14.729%.  9/29 review: yearly change +10.481%; quarter-to-quarter change –14.583%.

So, what’s going on?  The yearly trend appears to have improved.  The quarter-to-quarter trend looks to have deteriorated but, we really can’t make any credible conclusions here.  The current quarter sample size is way too small.  It is interesting to see the improvement of the yearly trend even if it is still negative.  We will have to come back here and see if the market gives us more to work with.  This demonstrates one of the challenges of gauging smaller market areas when volume is way down.  I would typically expand the search area out into other portions of Berkeley but, here we want to keep comparing the same area over time.  The market gives us what it gives us…

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 the City of Berkeley West of San Pablo Ave, all MLS residential listings, effective as of 03/13/2023

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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