Despite the ongoing Pandemic, the housing market in the U.S. and the Bay Area remains hot. Despite high unemployment, Bay Area home prices are up 16% from the year prior. Mortgage rates remain at historic lows fed by a federal interest rate that has been cut to zero. The average interest rate for a 30-year fixed mortgage is below 3% according to the Freddie Mac October survey.
The demand is highest for single-family homes in suburban communities as remote work becomes more commonplace and proximity to urban “job centers” becomes a less important criterion. Many are predicting an “exodus” from denser communities like San Francisco.
For a city like Emeryville that consists of mostly condominiums and whose probably greatest attribute is its proximity to SF, this has put the market in favor of buyers. We’re beginning to see many condominium sellers lowering their initial list price to stoke interest by buyers.
Rents in the Bay Area continue to drop
Rents continued their gradual decline since the pandemic began with 27 of 31 cities (~87%) experiencing year-over-year (YoY) median rent declines. The most expensive markets are experiencing the most drastic declines.
Emeryville ranked as the 7th most expensive city to rent for the month. The price of a one bedroom unit remained at $2440 and two bedroom units stayed relatively flat at $3,200.
New Listings Rise Sharply, Record number of listings on the market
New listings in July 2020 rose 53% compared to this time last year. The trend continued in August with 44% more listings compared to August 2019.
Over the last year, Emeryville averaged about 15 active listings per month. Currently there are 36 properties for sale. Homes sell slightly above list price with the average sold/list ratio being 102%.
YTD listings sold: 74 (25% YoY decline)
Median YTD list price: $499,950 (14.5% YoY decline)
Median YTD sales price: $500,000 (8.3% YoY decline).
Median YTD days on market: 20 days (42.8% YoY increase).
Year to year sales and prices decline, days on market increase
Total Inventory at highest level year to year
Inventory continues to be high and more properties are coming on the market. All this is pointing to a shift in the market. The median sales price in Emeryville declined sharply in 2020 to $535,000 from $600,000 in 2019 and $590,000 in 2018.
Address: 4053 Harlan St Unit 110, Emeryville, CA 94608
Sq. Ft.: 1650
Listed price: $748,000
List date: July 24, 2020
Want to tour a listing? Call or text (510) 585-4444. There are currently 38 homes for sale in Emeryville. Browse local listings here. All Data deemed accurate, but not guaranteed.
This report is prepared by longtime Emeryville resident and Coldwell Banker Realtor Nicole Gruen. Curious about buying or selling in Emeryville? Support your resident realtor.