After a slow start to the year, we are finally beginning to see some movement in the local market. As of the end of May, there are 18 homes for sale and 16 homes pending in Emeryville. There is increasing competition for homes in general that is likely driven by low inventory and rising interest rates.
Many home sales in April went substantially over asking price and moved fast:
- 4053 Harlan St #204 went 24.4% over asking price. It was listed at $595,000 and sold for $740,000 in 14 days
- 2 Anchor Dr #F397 went 14.6% over asking price. It was listed at $349,000 and sold for $400,000 in 8 days
- 1121 40th St #5204 went 14.6% over asking price. It was listed at $349,000 and sold for $400,000 in 11 days
For those that qualify, there are also a few intriguing BMR (Below Market Rate) units available. If you are not familiar with Emeryville’s BMR program, you can inquire on the city’s website.
April 2018 Rental Report:
Zumper.com published their latest monthly rental report for the Bay Area that covers 30 cities in our region. The report notes some slight relief for renters as Emeryville dropped out of the top three highest rental markets falling falling to number five. The price of one bedroom units fell 0.7% to a median of $2,770, while two bedrooms dropped 0.3% to $3,730.
April 2018 Sales by The Numbers:
The highest priced property that sold was at 6363 Christie Ave which was listed at $1,038,888 and sold for $957,500 within 13 days. The lowest priced properties were 1121 49th St #5204 and 2 Anchor Dr #F396 which sold for $400,000 and were listed at $349,000.
Types of Homes Sold:
The number of homes sold in April vs. March increased from 8 to 16.
Studios & 1 Bedroom Homes:
The number of 1 bedroom and studios sold dramatically increased from 2 to 11 .
2 Bedroom Homes:
The number of 2 bedroom homes sold decreased from 6 to 5.
3 Bedroom + Homes:
No 3 bedroom or detached homes were sold for the second consecutive month.
Median Sales Price vs. Median List Price:
Both Median Sales price and Median List price decreased in April with the sales price falling from $617K to $592K and the list price falling from $629K to 572K.
Average Days on Market:
The Average Days on the Market for Emeryville homes decreased from 27 to 16.
Further insights or shopping for an agent?
I am always excited to provide more information about our local home market. Wether you are selling or buying a home, I have the data to help you determine a successful strategy. Let’s meet for coffee and chat about the right time to make a move!