January/February 2019 Emeryville Real Estate Report: Market ‘Softens’, Interest Rates Dip
January posted the lowest median list price in Emeryville in over a year at just $419,500. Numbers were a bit higher in February though with more two bedroom condos and townhomes hitting the market. Finding a one bedroom condo in Emeryville below half a million is within reach for many prospective buyers.
Overall, inventory is rising, price increases are slowing and interest rates are hovering around four percent for those that qualify. Overall sales volume is down, which indicates that buyers might be holding back which can tip the scales in their direction.
Rental Market Trends:
Zumper.com published their latest monthly rental report for the Bay Area that covers 30 cities in our region. Emeryville ranked as the fourth most expensive city to rent this month. The price of a one bedroom unit increased 0.3% to a median of $3,060, while two bedrooms increased 1.9% to $3,770.
Featured Listing: Two BR Townhouse at Elevation 22
This beautiful, tri-level townhome, situated in the Elevation 22 development on the corner of Powell and Hollis, went pending within 15 days and closed $10,000 over asking price at $760,000.
January 2019 by The Numbers:
February 2019 by The Numbers:
Types of Homes Sold:
The number of homes sold dipped in January but increased in February from 7 t0 9.
Studios & 1 Bedroom Homes:
The number of 1 bedroom and studios sold increased from 3 to 6.
2 Bedroom Homes:
The number of 2 bedroom homes sold decreased from 4 to 3.
3 Bedroom + Homes:
No 3 Bedroom or Single Family homes sold in January or February.
Median Sales Price vs. Median List Price:
In January, 7 homes sold with an average of 3% over asking price. In February, 9 homes sold with an average of 2% over asking. Properties are currently selling very close to asking price. Both Median Sales price and Median List price increased in February with the sales price rising from $442K to $600K and the list price increasing from $419,500 to 600K.
Average Days on Market:
The Average Days on the Market for Emeryville homes has stayed relatively flat the past few months.
If you are considering selling in 2019, please reach out! I believe that many sellers leave money on the table by not following a good marketing plan. Preparing your home for sale can be easy and you can get a good return on investment. Email me, call me at (510) 585-4444 or click on the banner below to search some local listings.