When the shelter in place order was announced in March 2020, the real estate market in the bay area came to a halt. Without initial guidance on how to market and show listings, many sellers pulled their listings or postponed going on the market. A year later, the real estate market is thriving and exceeding expectations. There are no obvious indicators of a slow down.
Rents in Emeryville Tick Down
Emeryville ranked as the 5th most expensive city in the Bay Area to rent in March. After two consecutive months of increases, rents ticked down a notch. The price of one bedroom units dropped 0.9% to a median of $2,280, while two bedrooms fell 4.8% to $2,590.
On a year-to-year comparison, rents are down by 15% for 1 bedroom units in Emeryville.
Year to year Property Sales and new listings rise
There were 18 March property sales, up 50.0% from 12 in March of 2020 and 38.5% higher than the 13 sales last month.
March 2021 sales were at their highest level compared to March of 2020 and 2019. March’s 46 year-to-date sales are running 84.0% ahead of last year’s year-to-date sales of 25.
Median Sales price declines slightly
The Median Sales Price in March was $563,500, down -2.7% from $579,000 in March of 2020 and down -9.1% from $620,000 last month. The Average Sales Price in March was $597,683, up 4.4% from $572,618 in March of 2020 and down -13.3% from $689,385 last month. March 2021 average sales price was at highest level compared to March of 2020 and 2019.
Highest March inventory in 3 years
The total inventory of properties available for sale as of March was 16, down -15.8% from 19 last month and up 6.7% from 15 in March of last year. March 2021 Inventory was at highest level compared to March of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2021 MSI of 0.9 months was at its lowest level compared with March of 2020 and 2019.
Featured Sold Listing – 2nd highest sale price in Emeryville history
1241 Stanford is 1465 sq. ft. single family home adjacent to the Stanford Ave Linear park whose condition was considered dilapidated. The original house was built in 1943 and was last sold to an investor in June 2019 for $580,000.
A nearly year long renovation saw the original property stripped to its studs. Additional photos of the property can be viewed on redfin.com (requires login).
Extensive renovations and expansions to the property included the addition of a second floor and attic storage. Exterior renovations included a new fence, deck and an ADU.
Asking price was $1,185,000 and sold in 15 days for $1,440,000 ($255K over asking). The $983 per square foot established the third highest per sq. ft. price in Emeryville and was the second highest sales price for any residential property in Emeryville.
In 2020, 5939 Vallejo St, a single family home with 3149 sq. ft. sold for $1,5MM. 4323 Essex Street, a 963 sq. ft. home sold in November 2020 for $1MM or $1,038 per sq. ft.. 1282 61st st., a 674 sq. ft. home, sold in November 2019 for $690,000 or 1024 per sq. ft.
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.