June 2020 Real Estate & Rental Report: Impacts of Pandemic Beginning to Show in Rental & Sales Markets
The rapid shift to a work-from-home model where more professionals are free to move to neighborhoods without considering commute, is threatening to disrupt the Real Estate market. How this will pan out longterm for “commuter-friendly” cities like Emeryville that are close to job markets depends on a multitude of criteria.
Many Bay Area companies are already looking to reduce their office footprint and even end commercial leases. Companies like facebook have extended remote working until July 2021 and more companies are expected to follow suit (some are even predicting a tech “exodus”).
Other more subtle signs that the market is shifting is the challenge Realtor’s are facing scheduling home inspections, photographers and appraisers. Many resources are booked well in advance which indicates an active market and listing agents competing for resources.
Eviction Moratorium Extended/Median Rents Relatively Steady
The good news for renters is that Alameda County supervisors extended their moratorium for residential evictions until September 30th. Supervisors initially enacted a 90 day moratorium back on March 24 but with no end to the pandemic in sight, they opted to extend it.
Emeryville rents showed only modest changes compared to the rest of the Bay Area. San Francisco on the other hand has seen double-digit percentage drops year-over-year.
Emeryville ranked as the 10th most expensive city to rent in the Bay Area in June (same as our last report). Rents for one bedroom units grew 0.8% to a median of $2,620, while two bedrooms fell 1.8% to $3,360.
Listings Decline Sharply, Prices Rise Significantly
Real Estate sales in Emeryville increased by 50% in June compared to last year, while listings dropped by 42% year-to-year. Homes sat longer, an average of 23 days, which is 28% higher year-to-year. The numbers point to a gradual shift from a seller’s to a buyer’s market.
There were 16 property sales in June, up 77.8% from the 9 in June of last year and 433.3% higher than the only three sales registered last month. June 2020 sales were at a mid level compared to June of 2019 and 2018. June YTD sales of 51 are running -25.0% behind last year’s year-to-date sales of 68.
The Median Sales Price in June was $709,500, up 47.2% from $482,000 in June of 2019 and down slightly -4.1% from $740,000 last month. The Average Sales Price in June was $666,219, up 23.4% from $540,000 in June of 2019 and up 2.5% from $650,000 last month. June 2020 ASP was at highest level compared to June of 2019 and 2018.
Total Inventory at highest level year to year
Total inventory of properties available for sale as of June was 17, down -10.5% from the 19 from last month and up 30.8% from the 13 in June of last year. June 2020 Inventory was at highest level compared to June of 2019 and 2018.
Listing of the Month:
Address: 3612 Adeline St.
Sq. Ft.: 750
Listed at: $625,000
List date: 07/27/2020
There are currently 22 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. Call or text (510) 585-4444.