April 2021 Emeryville Real Estate & Rental Report: 55th Street Fixer Upper Listed at $785K
The local Real Estate Market remained hot in April likely due to undersupply and still historically low, albeit rising, interest rates. Condominium prices remain stable and are selling near all-time highs.
Available single-family homes, which are scarce in Emeryville, remain in the highest demand. There is only one single family home currently listed in Emeryville which is a perpetually under construction fixer upper on 55th street originally built in 1910.
The lot was approved for a duplex conversion in 2019. The listing notes a “cash only” contingency.
View the full listing at coldwellbanker.com.
Rents for 1 Bedroom fall, rise for 2 Bedrooms
Emeryville ranked as the 5th most expensive city in the Bay Area to rent in April. Emeryville rents ticked down for the second month in a row. The price of one bedroom units dropped 3.5% to a median of $2,200, while two bedrooms rose 1.7% to $3000.
On a year-to-year comparison, rents are down by 15.4% for 1 bedroom units and down 12.3% for 2 bedroom units in Emeryville.
Properties sell fast but mostly at asking price
Property Sales drop compared to March 2021
April Property sales were 13, up 85.7% from 7 in April of 2020 and -27.8% lower than the 18 sales last month. April 2021 sales were at a mid level compared to April of 2020 and 2019. April YTD sales of 59 are running 84.4% ahead of last year’s year-to-date sales of 32.
Median Sales Prices down compared to March 2021
The Median Sales Price in April was $515,000, up 17.6% from $438,000 in April of 2020 and down -8.6% from $563,500 last month. The Average Sales Price in April was $549,769, up 4.3% from $527,271 in April of 2020 and down -8.0% from $597,683 last month. April 2021 ASP was at a mid range compared to April of 2020 and 2019.
Inventory stays low
The Total Inventory of Properties available for sale as of April was 14, down -12.5% from 16 last month and down -30.0% from 20 in April of last year. April 2021 Inventory was at a mid-range compared to April of 2020 and 2019.
A comparatively lower Months supply of inventory (MSI) is more beneficial for sellers while a higher MSI is better for buyers. The April 2021 MSI of 1.1 months was at a mid range compared with April of 2020 and 2019.
Days on Market shortest in years
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for April was 14, up 7.7% from 13 days last month and down -51.7% from 29 days in April of last year. The April 2021 DOM was at its lowest level compared with April of 2020 and 2019.
Selling price vs List price – properties sell close to list price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The April 2021 Selling Price vs List Price of 101.9% was down from 103.1% last month and up from 99.0% in April of last year.
Featured Active Listing: Watergate Studio for $325,000
3 Commodore Drive Unit #365 is a 470 SqFt studio with a private balcony and a deeded parking space. The unit has been updated with new appliances, cabinets and carpet. Monthly HOA dues are $429 and include tennis court, outdoor pool, fitness center and sauna access. The HOA dues also covers cable TV, earthquake and hazard insurance, management fees, reserves, trash, water and other ammenities.
Full listing with additional photos posted here.
This report is prepared by longtime Emeryville resident and Coldwell Banker Realtor Nicole Gruen. Curious about buying or selling in Emeryville? Support your resident realtor.
**All data deemed accurate, but not guaranteed.