Appraisers Appraisal

<strong>What the heck is going on in the Real Estate Market?</strong> <strong>The Appraiser's Appraisal</strong> Berkeley (North)   Sold past 1-6 months (n=180) median (med) $1,650,000 Days on Market (DOM)=14 Sold past 7-12 months (n=197) med $1,750,000 DOM=13   This suggests a primary (year) change of -5.714%.   Sold past 1-3 months (n=80) med $1,475,000 DOM=14 Sold past 4-6 months (n=100) med $1,762,500 DOM=13   This suggests a secondary (quarter to quarter) change of -16.312%.   There are 27 current active listings ranging from $339,000 to $3,600,000 with median DOM at 30 days.  Range 2 - 245.   There are 25 pending listings (in contract) ranging from $799,000 to $2,895,000 with median DOM at 14 days.  Range 6 - 59 days.     So, what’s going on?   The 9/28 review of this section of Berkeley suggested a primary increase of 7.125% and a secondary decrease of 10.811%.  The primary increase has turned negative, and the secondary negative trend has accelerated.  So much for moderation however, we have to remember that any review of real estate trends has to be looking back.  The market may have fallen off a cliff and then again, it may be bouncing back.  At this point, we just do not know.  I doubt it has tanked and still think we will see moderation in the near term and modest increases in the Spring.  We will look at all of the three main areas of Berkeley again soon.   Where should we look next?   Want to know what’s going on in a different market or sub-market? Just ask!   Appraiser legal stuff: Data is from EBRDMLS and includes the City of Berkeley North of University Ave, South of the City of Albany/Contra Costa County, East of San Pablo Ave and West of Contra Costa County, all MLS residential listings, effective as of 11/14/2022 #realestate