January 2021 Emeryville Real Estate & Rental Report: Rents Tick Up, Condo Market Slowly Rebounding
The Real Estate market in the Bay Area continues to defy logic and remain hot despite the ongoing pandemic. While Single Family Homes remain the most coveted type of property, the condo market is showing signs of rebounding. With increased listings and 2018 prices, it’s a good time to “get your foot in the door.”
Rents in Emeryville Tick Up
Emeryville ranked as the 5th most expensive city in the Bay Area to rent in January. The price of one bedroom units rose 2.2% to a median of $2,300, while two bedrooms fell 7.5% to $3,010.
On a year-to-year comparison, rents are still down by 13% for 1 bedroom units in Emeryville. Nearby San Francisco had the biggest decline in rents in the nation in 2020 according to this SF Chronicle article.
In general, the decline in rents can be explained by the exodus of renters spurred by the pandemic, but there are signs that they are slowly returning and might explain the recent uptick.
Listings increase over 150% year-to-year, sales prices dip
There were 15 property sales in January, up 87.5% from the 8 in January, 2020 and a slight dip from the 17 sales last month.
The median Sales Price in January was $518,000, down -1.3% from $525,000 in January of 2020 and down -1.3% from $525,000 last month.
The Average Sales Price in January was $545,767, up 2.3% from $533,529 in January of 2020 and down -8.8% from $598,346 last month.
Inventory continues to be high year-to-year
The Total Inventory of properties available for sale as of January was 19, down -5.0% from 20 last month and up 171.4% from 7 in January of last year. January 2021 Inventory was at highest level compared to January, 2019 & 2020.
A comparatively lower MSI (Monthly Sales Inventory) is more beneficial for sellers while a higher MSI is better for buyers. The January 2021 MSI of 1.3 months was at a mid range compared with January of 2020 and 2019.
Mortgage Rate See Uptick
Average mortgage rates reached the 3% mark for the first time since July. Historically, a 3% mortgage rate is still extremely low. Positive Economic news in tandem with a vaccine rollout that is gaining momentum suggest these mortgage rates should continue to inch up.
Featured Listing: 1 bedroom loft listed at $450,000
1510 Park Ave, Studio N is a 1 bedroom, 1 bathroom at the Emeryville Warehouse lofts and listed at $450,000.
The unit features soaring ceilings and a large downstairs window. Both the kitchen and bath have been updated. The monthly HOA fee is $406. Like all listings during COVID, it is shown by appointment only.
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.