May 2020 Emeryville Real Estate & Rental Report: Listings and Sales Decline Amid High Inventory

Published On July 4, 2020 | By Nicole Gruen | In the Neighborhood, Real Estate

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.

Emeryville rents showed only modest changes compared the rest of the Bay Area, especially San Francisco and the South Bay, who are reporting more dramatic drops.

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.

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

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.

Market Report May 2020

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
Bedrooms: 2
Bath: 1
SqFt: 1044
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 meetingthrough email or by calling/texting me at (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

2 Responses to May 2020 Emeryville Real Estate & Rental Report: Listings and Sales Decline Amid High Inventory

  1. Vote out the "powerful" Ally Medina in 2020 committee says:

    Data points from the California Association of Realtors website dated July 2 for the rest of the country:
    U.S. pending home sales surged 44.3%
    Showings remain well above 2019 levels – page views on internet have rebounded
    Weekly mortgage applications are higher than a year ago – rates at all time lows
    NAR revised their forecast for the year upward
    Consumer spending and confidence jumped more than expected

    Alas, in the past few years about 900,000 more people left California for other states than came to California from other states. Why would anyone want to move to Emeryville where the city councilors condone looters breaking into your property?

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