June 2020 Real Estate & Rental Report: Impacts of Pandemic Beginning to Show in Rental & Sales Markets

Published On August 9, 2020 | By Nicole Gruen | In the Neighborhood, Real Estate

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.

Read the full report on Zumper.com. Browse all current Emeryville rental listings here.

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.

Full Market Summary Emeryville June

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.
BR/Bath: 2/1
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.

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About The Author

Nicole Gruen is a top real estate agent at Coldwell Banker who specializes in the East Bay—especially in Emeryville where she lives. After working for 15+ years in Silicon Valley for companies like IBM, NVDIA, and Nestle, she transitioned to pursue real estate, which was a true passion for her. With her extensive knowledge of the East Bay markets, Nicole is a unique agent who combines her data-driven approach and people-first philosophy to help you buy, sell, and market homes with ease. For more information, visit her website: www.eastbayreal.com

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