Two months into the global pandemic and we’re starting to see the local impacts it is having on the real estate and rental markets. Home sales have predictably declined as restrictions have eliminated open houses and other common tools used to market homes. Home prices have not thus far been ravaged the way some might expect.
Rents meanwhile fell only slightly but are predicted to decline further as the unemployment rate plateaus. Next month might be more telling of these trends as these markets catch up and the strength of the recovery is assessed.
Median Rents take Modest Decline
Emeryville ranked as the 12th most expensive city to rent in the Bay Area (three spot down from our last report). The price of one bedroom units fell to a median of $2,680 (0.7%), while two bedrooms held steady to $3,470. Read the full report on Zumper.com. Browse all current Emeryville rental listings here.
Listings, Sale Prices and Number of Home Sales Decline Sharply
There were only 7 April Property sales, down -53% from April of 2019 and -41.7% lower than the 12 sales last month. April 2020 sales were at their lowest level compared to April of 2019 and 2018. April YTD sales of 32 are running -27.3% behind last year’s year-to-date sales of 44.
The Median Sales Price in April was $420,000, down -32.26% from April of 2019 and down -27.5% from last month. The Average Sales Price in April was $513,129, down -33.4% from $770,983 in April of 2019 and down -10.4% from $572,618 last month. April 2020 ASP was at the lowest level compared to April of 2019 and 2018.
March: A Week-by-Week Breakdown
Looking at a weekly breakdown, there have been fewer listings coming to the market since the shelter-in-place order on March 16. At the same time, we are still seeing properties going in to contract and escrows closing.
Listing of the Month: Andante Condominiums on 40th Street
Address: 1121 40th St, Apt 5301
Listed at: $385,000
There are currently 20 homes for sale in Emeryville. Browse local listings here. All Data deemed accurate, but not guaranteed.
Many prospective buyers have reached out to me to ask if now is a good time to buy. I tell them that it truly is a case-by-case basis. Inventory remains low and there is still a big pool of qualified buyers looking to buy a home.
Real Estate has been declared an ‘essential’ business and clear guidelines have been published by CAR (California Association of Realtors) and OBAR (Oakland Berkeley Association of Realtors). Open houses are off limits for now, but homes can be shown under certain circumstances. Virtual tours are offered and many listing agents and sellers opt for virtual staging.
This report is prepared by longtime Emeryville resident and Coldwell Banker Realtor Nicole Gruen. Are you considering buying or selling a home? Contact me for a no pressure virtual meeting by setting up a virtual meeting, emailing her or calling/texting her at (510) 585-4444.