October 2019 Emeryville Real Estate & Rental Report: For Sale Inventory Low, Median Rents Trending Downward
Inventory for Emeryville properties remains low with only about 17 current listings. It would take less than two months to sell all the current listings.
Median Rents on Slightly Downward Trend
As we enter into slow moving season, it seems Emeryville rents for both bedroom types saw minimal movement on a monthly basis and are actually on a slightly downward trend year over.
“This makes sense as less renters overall are looking for housing this time of year so there is less of a demand present in this market,” according to Zumper Marketing Manager Crystal Chen. “Landlords who are looking to fill a vacancy as soon as possible, as to not lose months of rent over the holidays, may be lowering and adjusting their rents accordingly.
Zumper describes itself as an Apartment Search platform. Browse all current Emeryville rental listings on Zumper.com.
Bad News for Prospective Emeryville Home Buyers
It doesn’t look like Emeryville will get new inventory any time soon. Our recent pending projects recap showed that every significant development project was slated for rentals.
Per Data USA, in 2017, 35.8% of the housing units in Emeryville, CA were occupied by their owner. This percentage of owner-occupation is approaching half of the national average of 63.9% and lower than the neighboring cities of Oakland (39.3%) and Berkeley (42.9%).
Sales numbers stay steady but fewer listings
Number of Sales in October 2019 compared to October 2018 stayed stagnant with 14 homes sold. New listings are down sharply, with a drop of 25%. The average day on market in October is low with only 19 days from going pending to actually closing.
The full market report for Emeryville shows a sharp decline in most categories. Compared to October 2018, 25% less listings came on the market, the average list price is down by 4% and the average sales price is down by 7.5%.
Sales Numbers Flat Compared to 2018
With 2 more months to go in 2019, it looks like Sold and New properties will reach about the same levels as 2018. So far, 126 properties sold and 159 properties have been listed.
Listing of the Month
6400 Christie Avenue Unit 2302, a 2 bedroom and 2 bathroom condo with 1104 Sq Ft in the Bridgewater complexed went pending after 17 days and sold for $690,000, which is $10,000 over asking price. There were 2 offers submitted.
This report is prepared by Coldwell Banker Realtor Nicole Gruen. Nicole lives and works in Emeryville. Are you considering buying or selling a home? Contact her for a no pressure meeting: Email or call/text at (510) 585-4444.
Want to see local listings? Click on the banner below to search. All Data deemed accurate, but not guaranteed.