Traditionally, the real estate market tends to slow down in fall with lower inventory and less competition. The pandemic continues to defy historic trends and many experts predict a strong end to the year with no significant slowdown in sight.
Interest rates are still at a historic low and the prediction of rate increases in 2022 may be motivating the pool of buyers to jump into the market despite the fierce competition. Emeryville seems to be an outlier in the East Bay with most homes selling close to list price. In contrast, 80% of Berkeley homes and 70% of Oakland homes are selling significantly over list price.
Rents for 1 and 2 Bedroom continue to climb
Emeryville saw a median rent growth of 5.2% for a 1 Bedroom ($2,430) and is currently ranked as the third most expensive city to rent in the Bay Area. 2 Bedroom units rose 2.4% month-to-month to $3,410 approaching “pre-pandemic” high of $3,470.
On a year-to-year comparison, rents are still down by 4.3% for 1 bedroom units and down 1.7% for 2 bedroom units.
Read the full report on Zumper.com. Browse all current Emeryville rental listings here.
YTD Sales up 51.3% from 2020
There were 14 property sales in August down -17.6% from the 17 in August of last year and higher than the 10 sales last month. Sales were at a mid level compared to August of 2020 and 2019.
YTD sales of 115 are running 51.3% ahead of last year’s year-to-date sales of 76.
Median Sales Price Up Significantly
The Median Sales Price in August was $705,000, up 21.6% from $580,000 in August of 2020 and up 34.8% from $523,000 last month. The Average Sales Price (ASP) in August was $723,286, up 15.0% from $628,798 in August of 2020 and up 40.6% from $514,440 last month. August 2021 ASP was at highest level compared to August of 2020 and 2019.
Inventory Remains Low
The Total Inventory of Properties available for sale as of August was 26, up 18.2% from 22 last month and down -21.2% from 33 in August of last year. August 2021 Inventory was at a mid range compared to August of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2021 MSI of 1.9 months was at a mid range compared with August of 2020 and 2019.
Days on Market Significantly Down
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 August was 13, down -69.8% from 43 days last month and down -72.9% from 48 days in August of last year. 2021 DOM was at its lowest level compared with August of 2020 and 2019.
Selling Price vs List Price – Properties Sell Close to List Price
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. August 2021 Selling Price per Square Foot of $671 was down -3.0% from $692 last month and down -4.8% from $705 in August of last year.
Properties on Market Ranging from $174,600 – $2,500,000
1121 40th Street #1305 is a Below Market Rate unit at the Andante complex. The unit is 1 BR, 1 Bath with 625 SqFt. The maximum gross income of the buyer’s household may not exceed $76,750 (1 person); $87,700 (2 people); $98,650 (3 people). The HOA is $467. The building has a Gym and Security Gates.
5512 Beaudry St is a portfolio of 6 buildings, spreading over 3 parcel numbers. The 6 units are offered at $2,500,000 and are on the market since 07/22/2021
A complete listing of available Emeryville properties can be viewed 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.
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