January 2020 Emeryville Real Estate & Rental Report: PPP Penthouse Lowered to $1.25M
The Emeryville home market kicked off 2020 with slightly lower rents and a persistently low inventory of for-sale units.
Median Rents for 1 Bedroom down, 2 Bedroom slightly higher
Emeryville ranked as the 8th most expensive city to rent in the Bay Area. The price of one bedroom units fell 4.8% to a median of $2,750, while two bedrooms increased 0.8% to $3,760.
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: Number of sales flat, new listings and days on market down
January 2020 Sales flat compared to 2019 data
January Property sales were 8, equal to the 8 sales in January of 2019 and -20.0% lower than the 10 sales last month. January 2020 sales were at a mid-level compared to January of 2019 and 2018.
Year to Year Sales and List price rise
The Median Sales Price in January was $525,000, up 16.7% from $450,000 in January of 2019 and down -18.0% from $640,000 last month. The Average Sales Price in January was $533,529, down -10.8% from $598,429 in January of 2019 and down -15.4% from $630,430 last month. January 2020 ASP was at the lowest level compared to January of 2019 and 2018.
Lowest January inventory compared to 2019 and 2018
Inventory & Monthly Supply of Inventory (MSI)
The Total Inventory of Properties available for sale as of January was 8, down from 9 last month and down from 14 in January of last year. January 2020 Inventory was at the lowest level compared to January of 2019 and 2018.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2020 MSI of 1.0 months was at its lowest level compared with January of 2019 and 2018.
Listing of the Month – Penthouse Unit at Pacific Park Plaza
The most expensive high-rise penthouse in Emeryville remains on the market. 6363 Christie Ave, Unit 2825 boasts 1600 sq ft., 2 Bedrooms, 2 Baths, views of the bay and the hills, 2 parking spots and modern appliance upgrades. It’s offered at $1,250,000 – a price reduction of its initial offer price of $1,380,000. It last sold in 2018 for $957,500.
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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