Real Estate sales in May nearly came to a halt with only 3 closings for the month despite high inventory. Meanwhile, list and sales prices for these units rose sharply.
Median Rents Continue Modest Declines
Emeryville ranked as the 10th most expensive city to rent in the Bay Area (down two spot from our last report). Rents for one bedroom condos actually increased 0.8% to a median of $2,620, while two bedrooms fell 1.8% to $3,360.
Listings Decline Sharply, Prices Rise Significantly
There were only 3 home sales for the month which represents a -82% decline from the 17 in May of 2019 and -57% lower than the 7 sales last month. May 2020 sales were at their lowest level compared to May of 2019 and 2018.
The year-to-date tally of 35 sales are running -40% behind last year’s year-to-date sales of 59.
The Median Sales Price in May was $740,000, up 32% from $560,000 in May of 2019 and up 69% from $438,000 last month. The Average Sales Price (ASP) in May was $650,000, up 11% from $583,412 in May of 2019 and up 23% from $527,271 last month. May 2020 ASP was at its highest level compared to May of 2019/2018.
The total inventory of properties available for sale in May was 19, down from 20 last month and up 46.2% from the 13 in May of last year. May 2020 Inventory was at the highest level compared to May of 2018/2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2020 MSI of 6.3 months was at its highest level
compared with May of 2019/2018.
The average Days On Market (DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a “buyer’s market” while a downward trend signals a move towards a “seller’s market.” The DOM for May was 32, up 10.3% from last month and up 46% from May of last year. The May 2020 DOM was at its highest level compared with May of 2019 & 2018.
Listing of the Month: Single Family Home still available
Address: 1275 Ocean Ave
Listed at: $875,000
List date: 03/04/2020
There are currently 24 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. Are you considering buying or selling a home? Contact me for a no pressure virtual meeting, through email or by calling/texting me at (510) 585-4444.