Emeryville real estate was thriving in 2015. Total home sales increased a whopping 49% ($95.7M in 2015 compared to $64.1M in 2014), the median sales price increased by 17% to $459,000 and the number of homes sold was up 27% (152 sales in 2014 to 193 sales in 2015). These numbers continue to prove an upward shift in demand and value of Emeryville homes.
With home prices in San Francisco and Silicon Valley continuing to rise, Emeryville became a desirable alternative. In 2015, a 2 bed, 1,200 square foot condo cost $1,225,000 in San Francisco, $701,500 in Berkeley, and $640,000 in Emeryville. Emeryville offers buyers more bang for their buck in newer townhomes, lofts with soaring ceilings, converted warehouses with wide open spaces, and homes with million dollar views of the Bay. But it’s not only the affordability factor that has drawn homebuyers to Emeryville.
Location, location, location is the tried and true saying in real estate. Emeryville is close to I-80, US-101, I-580, I-880, CA-24, and CA-13. Additionally, commuters can take advantage of the Emery-Go-Round, the City’s free shuttle service that will take you around Emeryville all the way to MacArthur BART. There’s also plenty of pedestrian and bike paths, like the Emeryville Greenway for better accessibility. Buyers have found that Emeryville’s proximity to the rest of the Bay Area highly convenient.
As you drive through the city, it’s not uncommon to see a ‘Grand Opening’ sign every few weeks. We saw Shiba Ramen open in 2015 at the Public Market, along with the announcement of New Seasons Market Grocery Store set to open it’s doors in 2017. Being able to walk to various restaurants, grocery stores, retail stores, or even to work are must haves for today’s home buyer.
The graphs below display year over year trends in sales price and number of homes sold, based on the type of home (studio, one-bedroom or two-bedroom).
Please note: With 95% of all residential sales in Emeryville over the last 2 years being condos, lofts, and townhomes, the following graphs are representative of these homes and do not reflect statistics on single family dwellings.
Studios have become a practical option for entry into homeownership. The number of studios sold went from 14 in 2014 to 18 in 2015 with a median sales price increase of 20% to $271,500. Sales ranged from $208,888 to $345,000. The average size of a studio is 497 feet, and stayed on the market for only 11 days.
One Bedroom Homes
Eighty-six, 1 bedroom homes sold in 2015 with a median sales price of $410,500. These numbers are up from 2014 which had 80 sales with a median price of $360,000. That’s an increase of 8% and 14% respectively. 1 bedroom homes averaged 847 square feet and stayed on the market for only 15 days.
Two Bedroom Homes
2 bedroom homes were the hot commodity in 2015 selling for as high as $845,000 and accounting for 51% of the total volume of all condo sales. There were 64% more 2 bedroom home sales in 2015 than in 2014. Sales of these homes went from 44 in 2014 to 72 in 2015 with a median sales price of $640,000.The average size of 2 bedrooms sold were 1,224 sq ft and were on the market an average of 20 days.
Single Family Homes
Single family homes rarely come on the market in Emeryville. 2014 and 2015 saw only 8 and 7 sales, respectively. Single family homes stayed on the market for an average of 39 days, and sold for a median of $749,000.
Below Market Rate (BMR) Home Sales
The availability of Below Market Rate (BMR) homes in Emeryville are just as rare as single family homes. In 2014, there were only 3 BMR home sales. The number tripled for 2015. Out of the 9 BMR homes that sold, one was a studio, four were 1 bedroom homes, two were 2 bedroom homes, and the other 2 BMR homes were single family homes.
Below Market Rate homes are affordable units set aside by the city for moderate to lower income households. Certain restrictions apply and homebuyers must qualify for eligibility.
In 2014 there were 7 distressed sales – 6 bank owned homes, and 1 short sale. In 2015, there was only 1 short sale.
Sales By Location
For purposes of identifying sales by location, we have divided Emeryville into 3 parts:
Area A (North of Powell): 6 studios, 31 one bedrooms and 32 two bedroom homes sold.
Area B (South of Powell): 0 studios, 27 one bedrooms and 23 two bedroom homes sold.
Area C (West of I-80): 12 studios, 28 one bedrooms and 17 two bedroom homes sold.
Find out more on the Emeryville Real Estate Market on leopeak.com