April 2019 Emeryville Real Estate Report: Marketing Your Property – A Tale of Two Home Sales

Published On June 2, 2019 | By Nicole Gruen | Real Estate

A vast majority of properties for sale in Emeryville are either condos or townhomes. In April, a rarity, two detached, single-family homes closed. The way these homes were priced, marketed and in the end, sold, couldn’t be more different.

Median Rents Drop Slightly

Emeryville ranked as the fifth most expensive city to rent this month dropping from the fourth spot in March. The price of one bedroom units fell 2.9% to a median of $2,970, while two bedrooms dropped 5% to $3,580. The full report can be read on Zumper.com.

Underpriced Turnkey Charmer Receives 16 Offers, goes 28% Over Asking

4336 Essex Street closed on April 5th after being on the market for only 14 days. Most buyers are looking for ‘turnkey’ homes and this one fit that bill. In my opinion, it was way underpriced at $699K. This is a strategy some Realtors employ to attract multiple offers and incite a bidding war. In this case, the strategy worked well as the home received 16 offers and went 28% over the asking at $892K ($734/sq. ft.). Escrow closed within two weeks.

The home was professionally staged and marketed with complimentary photos.

Image courtesy of EBRD MLS

Occupied Duplex sits 139 Days, sells below Asking

1270 62nd Street, a duplex, closed on April 1st after being on the market for a whopping 139 days and sold below the asking price of $1,116,000. I believe there were a couple of factors for why it took so long for this home to receive offers. First, it wasn’t vacant. Many buyers shy away from Real Estate occupied by tenants.

Second, it was likely overpriced. The home sold 9% below asking price for $1,017,605, which averages to $397/sq. ft.. Additionally, the listing photo below demonstrated the need for a professional photography and some staging help to spur interest.

Image courtesy of EBRD MLS

Pricing, presentation and Marketing are crucial

Basics to listing a home:

  • Vet your realtor and look at prior marketing material and sales statistics
  • Obtain a Comparative Market Analysis from your Realtor
  • Price your home realistically and don’t overprice
  • Use professionals for everything: photography, staging and marketing
  • If your home doesn’t go pending within a certain timeframe, have a backup plan

Emeryville Real Estate Market Numbers for April 2019

Based on information of EBRD MLS

April Sales Volume: Highest sales compared to April 2017 & 2018

Their were 17 Property sales for the month, up 21.4% from 14 in April of 2018 and 70.0% higher than the 10 sales in March. April 2019 sales were at their highest level compared to April of 2018 and 2017. YTD sales of 42 are running 10.5% ahead of last year’s year-to-date sales of 38.

Based on information of EBRD MLS

Median and Average Sales Price: Up from April 2018 and from last month

Median Sales Price in April was $686,000, up 15.8% from $592,500 in April of 2018 and up 31.0% from $523,500 last month. Average Sales Price in April was $770,983, up 19.9% from $643,107 in April of 2018 and up 45.5% from $529,850 last month. April 2019 ASP was at highest level compared to April of 2018 and 2017.

Based on information of EBRD MLS

Inventory and MSI: Lowest level compared to April 2018 and 2017. Still a ‘Sellers’ Market

Total Inventory of Properties available for sale as of April was 13, up 8.3% from 12 last month and down -18.8% from 16 in April of last year. April 2019 Inventory was at the lowest level compared to April of 2018 and 2017.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2019 MSI of 0.8 months was at its lowest level compared with April of 2018 and 2017.

Based on information of EBRD MLS

Market Time: Highest compared to April 2017 and 2018

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. DOM for April was 36, up 24.1% from 29 days last month and up 125.0% from 16 days in April of last year. April 2019 DOM was at its highest level compared with April of 2018 and 2017.

Based on information of EBRD MLS

Selling Price per Square Foot: Down compared to last month and April 2018

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.

April 2019 Selling Price per square foot of $590 was down -16.7% from $708 last month and down -5.1% from $622 in April of last year.

Based on information of EBRD MLS

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.

Based on information of EBRD MLS

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.

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About The Author

Born and raised in Germany, I moved to Emeryville (Hollis Corridor) in 2012 to escape the bad weather of San Francisco. Living on the greenbelt in one of Emeryville’s ‘painted ladies’, I take advantage of the walkability of the neighborhood and am known to stop dog owners to have lengthy petting sessions with their pooches. After a successful IT career and being burned by the stock market, I invested heavily in real estate. The transition to become a realtor seemed natural. I love helping buyers and sellers yield optimal results. Just as in IT, my goal is to stay in budget, scope and time and to leave my clients happy.

2 Responses to April 2019 Emeryville Real Estate Report: Marketing Your Property – A Tale of Two Home Sales

  1. Steve says:

    The new units at Atomic City on 66th St took almost a year to sell and went below the $1,1m asking price.

    • Nicole Gruen says:

      Hi Steve – new construction is another interesting topic. In general, homes in Emeryville rarely are offered over $1M. Atomic City definitely had a very high price point.

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