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
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.
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.
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
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.
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.
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.
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.
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.
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.