Emeryville property sales were up, prices were high and and inventory remained low in this month’s Real Estate & Rental Report.
New Legislature Hopes to Shift Housing Landscape in California
Following his failed recall attempt, Governor Newsom promptly signed three controversial bills into law targeting boosting housing production in our state. SB 8, 9 & 10 will go into effect on January 1, 2022 as part of the Governor’s California Comeback Plan.
SB 8 extends the Housing Crisis Act of 2019 to jumpstart more housing production.
SB9, the California Housing and More Opportunity Efficiency (HOME) law, allows property owners of single-family zoned lots to construct up to four units there by dividing the existing lot in two and building up to a duplex per lot. Cities also must create “objective” standards for projects, and if those are met in a proposal.
SB10, will address planning and housing laws, specifically zoning. SB 10 makes it easier for cities to zone for smaller, lower-cost housing developments of up to 10 units. Current laws can prevent local governments from zoning for smaller, less expensive housing.
These bills hope to dramatically change the housing landscape and increase housing density. One side-effect is that the value of single family homes could rise further. The question remains how cities will address the additional burden density could bring on infrastructure like sewer, electric grid, our public school system, parking, etc.
1 Bedroom units Continue Climb, 2 Bedroom Units Dip
Emeryville saw a median rent growth of 3.6% for a 1 Bedroom ($2,570) and is currently ranked as the third most expensive city to rent in the Bay Area. 2 Bedroom units declined 1.2% month-to-month to $3,200 .
Emeryville Single Family Homes sell for over $1000/SqFt
Two Emeryville Single Family Homes (SFH) sold in September with an average SqFt price of $1016. The price per square foot topped Berkeley, Oakland and San Francisco for the month.
1024 45th St (850 sq. ft.) was listed for $749,000 and sold $883,000.
1048 45th St, (1158 sq ft) was listed for $979,000 and sold for $1,150,000.
September Sales Highest in Years
September Property sales were 17, up 142.9% from 7 in September of 2020 and 21.4% higher than the 14 sales last month. Sales were at their highest level compared to September of 2020 and 2019. YTD sales of 129 are running 61.3% ahead of last year’s year-to-date sales of 80.
September Average Sales Price highest in Years
The Median Sales Price in September was $600,000, up 27.7% from $470,000 in September of 2020 and down -14.9% from $705,000 last month. Average Sales Price in September was $682,471, up 14.2% from $597,714 in September of 2020 and down -5.6% from $723,286 last month, making it the highest ASP compared to September of 2020 and 2019.
September inventory is Lowest in years
The Total Inventory of Properties available for sale as of September was 18, down -28.0% from 25 last month and down -50.0% from 36 in September of last year. September 2021 Inventory was at the lowest level compared to September of 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2021 MSI of 1.1 months was at its lowest level compared with September of 2020 and 2019.
Days on Market up 69.2%
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, a downward trend a move towards more of a Seller’s market. DOM for September was 22, up 69.2% from 13 days last month and down -8.3% from 24 days in September of last year. The September 2021 DOM was at a mid range compared with September of 2020 and 2019.
Selling Price vs List Price – Properties Sell Slightly over List Price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. September 2021 Selling Price vs List Price of 107.6% was up from 106.0% last month and up from 99.6% in September of last year.
Vue 46 Condo sells $327,000 over asking
1001 46th St Unit 313 is a 1636SqFt 2 Bedroom, 2 Baths unit, with a large private terrace. Asking price was $949,000 with a $525 monthly HOA. The unit received 9 offers and went pending in 14 days and ultimately closed at $1,276,000.
A complete listing of available Emeryville properties can be viewed here.
This report is prepared by longtime Emeryville resident and Coldwell Banker Realtor Nicole Gruen. Curious about buying or selling in Emeryville? Support your resident realtor.
**All data deemed accurate, but not guaranteed.