The Real Estate & Rental Report for Dec. 2019 saw a decline in sales inventory and an increase in median prices while rents finished down 4% for the year.
Median Rents Up Slightly to End the Year
Emeryville ranked as the sixth highest in the Bay Area for rents in December. The median rent for a 1 bedroom apartment was $2890 and $3730 for a 2-bedroom. For the year, average rents for all units were down 4% to $2,946 according to Rent Café.
If you want to determine if it’s better for you to rent or buy based on your current financial situation, you can compare your payments on the rent vs buy online calculator. Contact me if you have any additional questions and I can walk you through it.
Market overview: Listings and Sales Down, Days on Market and Prices up
December Sales at lowest level compared to 2018 and 2017
There were a total of 9 property sales in December, down from 14 in December of 2018 and equal to the 9 sales from last month. December 2019 sales were at their lowest level compared to December of 2018 and 2017. YTD (December Year to Date) sales of 139 were -2.8% behind last year’s year-to-date sales of 143.
Year to Year Sales and List price rise sharply
The median sales price in December was $595,000, up 7.2% from $555,000 in December of 2018 and down -9.7% from $659,000 last month. The average sales price in December was $612,144, up 19.5% from $512,207 in December of 2018 and down -0.7% from $616,278 last month. December 2019 ASP was at highest level compared to December of 2018 and 2017
Year to Year Sold and New properties Down
Inventory & Monthly Supply of Inventory (MSI)
The total inventory of properties available for sale as of December was 8, down -50.0% from 16 last month and down -38.5% from 13 in December of last year. December 2019 Inventory was at a mid range compared to December of 2018 and 2017.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2019 MSI of 0.9 months was at a mid range compared with December of 2018 and 2017.
Listing of the Month
An extremely rare Single Family Home BMR (below market rate) unit sold in December. 1085 41st street is a 2 Bedroom, 1 Bathroom home and a total of 1182 sq. ft.. It was offered and sold at $467,300. It received three offers in total.
If you’d like to learn more about the BMR program, go to the city’s website.
This report is prepared by Coldwell Banker Realtor Nicole Gruen. Nicole lives and works in Emeryville. Are you considering buying or selling a home? Contact her for a no pressure meeting: Email or call/text her at (510) 585-4444.
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