Nicole GruenOur July, 2019 Emeryville Real Estate Report touches on further trends in the local Real Estate Market. Reflecting the direction in the broader region, Emeryville listings and sales prices saw incremental declines. A drop in interest rates spurred by a federal rate cut has made buying more attractive to some would be buyers.
Median Rents Increase
Emeryville ranked as the 6th most expensive city to rent in July (tied to San Mateo). The price of one bedroom units increased 1.1% to a median of $2,860, while two bedrooms jumped 5.1% to $3,730. The full report can be read on Zumper.com. An easy way to find out if you should rent or own is to use a mortgage calculator.
Real Estate Market Cooling Off
The July 2018 to July 2019 Year to Year comparison shows a significant decline: New listings are down 16.7%, the average list price is down 11.5% and the average sales price is down 14.5%. The good news is that overall sales are up 25% and the days on market are down 30%. That means that sellers who put their home on the market see quicker sales even though they might see fewer offers.
Highest Point of Market Reached?
The full market report for Emeryville shows decline in most categories. Year to date, new listings are down 8.5%, average listing price is down 1%, average sales price is down 5.5%. More homes sell with the sold listings being up 7.2% and the average day on market is 23 days.
More Homes Sell
The gap between listed and sold homes is getting smaller. Interest rates are at a historic low and lots of buyers that have been sitting on the fence are taking advantage of good mortgage deals.
Single Family Home Sells 20% Above Asking Price
Single Family homes continue to be a hot commodity in Emeryville. The sale of 1251 Ocean Avenue was no exception. A corner-lot Single Family Home with 3 bed rooms and 2 baths and a total of 1565 SqFt it was listed for $997,500 and sold for $1,200,000 or $767 per Square Foot.
The house had been completely remodeled and went pending in only 7 days!
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 at (510) 585-4444.
Want to see local listings? Click on the banner below to search. All Data deemed accurate, but not guaranteed.
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“The July 2018 to July 2019 Year to Year comparison shows a significant decline: New listings are down 16.7%, the average list price is down 11.5% and the average sales price is down 14.5%. The good news is…”
The good news is actually the significant decline in list and sales price.
Realtors are like morticians. Good news for them is bad news for everyone else.
Hi Anonymous – point taken. I should have reiterated that there are good news for buyers and good news for sellers. I will make a point to emphasize in next report.
Bad news for sellers is often good news for buyers, right?. It works this way with pretty much every commodity. Now if you want to argue that housing should NOT be a commodity, we can debate how this would/should work. I for one am extremely appreciate to Nicole for providing data that our readers can use to help me make educated decisions about buying, selling or renting.
Makes sense as I see almost 0 single family homes being built anywhere. The condo market is due to flatten and decline in the future if that 51 story apartment building is approved.