Both rents and home prices in Emeryville saw a decline in May. Real Estate sales were strong compared to May last year.
Median Rents Drop Slightly
Emeryville ranked as the seventh most expensive city to rent in May month dropping from the fifth spot in April. The price of one bedroom units fell 4.7% to a median of $2,830, while two bedrooms decreased 0.8% to $2,550. The full report can be read on Zumper.com.
Doyle Street Cohousing Opportunity
Are you interested in co-housing? One of Emeryville’s most unique co-op has a condo for sale: a large, 1410 SqFt one bedroom/1 bathroom condo.
In addition, there are multiple common areas to access. It’s situated on a beautiful, tree-lined street across from the popular Doyle Street Cafe. Contact me if you are interested in a viewing. Learn more about their unique model at emeryville-cohousing.org.
Emeryville Real Estate Market Numbers for May 2019
May Sales Volume: up 21% since May 2018
There were 17 May property sales, up 21.4% from the 14 sales in May of 2018. May 2019 sales were at their highest level compared to May of 2018 and 2017. May YTD sales of 59 are running 18.0% ahead of last year’s year-to-date sales of 50.
Median and Average Sales Price: Sharp Decline
The Median Sales Price in May was $560,000, down -9.7% from $620,000 in May of 2018 and down -18.4% from $686,000 last month. The Average Sales Price in May was $583,412, down -7.0% from $627,071 in May of 2018 and down -24.3% from $770,983 last month. May 2019 ASP was at a mid range compared to May of 2018 and 2017.
Inventory and MSI: Still a ‘Sellers’ Market
The Total Inventory of Properties available for sale as of May was 13, equal to 13 last month and down -27.8% from 18 in May of last year. May 2019 Inventory was at a mid range compared to May of 2018 and 2017.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2019 MSI of 0.8 months was at a mid range compared with May of 2018 and 2017.
Market Time: Highest Compared to May 2017 and 2018
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 May was 22, down -38.9% from 36 days last month and up 29.4% from 17 days in May of last year. The May 2019 DOM was at its highest level compared with May of 2018 and 2017.
Selling Price per Square Foot: Up Compared to April 2019
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.
The May 2019 Selling Price per Square Foot of $657 was up 11.4% from $590 last month and down -3.0% from $677 in May of last year.
Selling Price vs. Listing Price: Still a ‘Seller’s’ Market
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 2019 Selling Price vs List Price of 106.4% was up from 101.5% last month and up from 106.0% in April of last year.
This report prepared by Coldwell Realtor Nicole Gruen. For help buying or selling your property Email her, call her at (510) 585-4444 or click on the banner below to search local listings. All Data deemed accurate, but not guaranteed.
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[…] ranked as the sixth most expensive city to rent this month rising from the seventh spot in May. The price of one bedroom units increased 1.1% to a median of $2,860, while two bedrooms jumped […]