One of the most telling data points of 2018 might be Average Days on Market (ADM). 2018 began at a mere 10 ADM in January but ended up at 35 ADM by December. Clearly there is less urgency and less competition in the market.
For those that feel the price of housing is out of reach for them, Emeryville has a great Below Market Rate (BMR) program for those that qualify. Your household income must fall below the 2018 maximum limits, based on the current Area Median Income (AMI) for our county.
Four of these BMR units sold in December including a two Bedroom condo and a two bedroom bungalow.
- 1121 40thStreet Unit 3106 2BR/2Bth 1144 SqFt closed for $140,500
- 1007 41stStreet Unit 2500 1BR/1Bath 675 SqFt closed for $277,500
- 3801 San Pablo Ave Unit 410 1BR/1Bath 540 SqFt closed for $303,500
- 1077 41stSt – BMR Bungalow 2BR/1Bath 1096 SqFt closed for $431,000
Rental Market Trends:
Zumper.com published their latest monthly rental report for the Bay Area that covers 30 cities in our region. Emeryville ranked as the fifth most expensive city to rent this month. The price of one bedroom units fell 4.9% to a median of $2,910, while two bedrooms dropped 5% to $3,600.
Featured Listing: Besler Building Loft
Our featured listing this month is another Besler building unit. The Besler Building is one of Emeryville’s original warehouse conversions and once manufactured Doble steam cars. Exposed brick, concrete floors, high ceilings and a still functional freight elevator are among its many original touches. It was listed for $595,000 and sold for $620,000 after 16 days. The winning offer was a cash offer.
Browse all available Emeryville listings on EastBayModern.com.
November 2018 Sales by The Numbers:
In November, the lowest sale price went for $330,000 for a studio at 6 Captain Drive. The highest sales price was $720,000 at 1261 62nd Street for a single family home. This home was originally listed at $791,000.
December 2018 Sales by The Numbers:
In December, the lowest sale price went for $140,500 for a 2BR Below Market Rate unit on 40th St. The highest sales price was $785,000 for a 2 BR condo on Horton St.
Types of Homes Sold:
The number of homes sold in November decreased from 14 to 12. The number of homes sold in December increased slightly from 12 to 13.
Median Sales Price vs. Median List Price:
Both median sales and list price decreased in November with the sales price decreasing from $655K to $478K and list price from $661K to $487K. In December, the median sales price increased from $478K to $555K and the median list price increased from $487K to $549K.
Average Days on Market:
The average Days on Market in November was 26 Days and in December 35 Days.
First Time Homebuyer Seminar coming up!
I am hosting a free First Time Buyer Seminar on February 10th. If you are on the fence or if you would like to learn more about the process or market, please join me. You can reserve a spot through Email or call/text me at (415) 342-3954.