The Appraiser’s Appraisal
Oakland (Redwood Heights-Market #32)
[email protected] 510-339-6134
Sold past 1-6 months (39) median (med) $960,000 Days on Market (DOM)=15
Sold past 7-12 months (n=28) med $1,057,500 DOM=12
This suggests a primary (yearly) change of -9.220%.
Sold past 1-3 months (n=14) med $975,000 DOM=20
Sold past 4-6 months (n=25) med $960,000 DOM=15
This suggests a secondary (quarter-to-quarter) change of +1.563%.
There are 5 active listing from $499,000 to $1,160,000 with a median DOM at 30 days. Range 4-64 days.
There are 2 pending listings (in contract) from $725,000 to $999,000 with median DOM at 23 days. Range 16-31 days.
11/16 review: yearly +21.512%; quarter-to-quarter change -3.073%. 9/20 review: yearly change +13.953%; quarter-to-quarter change -13.626%. 7/20 review: yearly change +11.979%; quarter-to-quarter change +18.478%.
So, what’s going on? The yearly trend has lost more than 30 percentage points and is now negative. The quarter-to-quarter trend has gained almost 5 percentage points and is now considered stable (change of less than 2%). We’re now almost 6 percentage points below the 1-6-month median value for the period ending 3/16/2022 which was $1,017,000. This is when the Fed most recently raised interest rates and our current benchmark for recovery. This market looks to have recovered back in November but has slipped back below our benchmark. We’ll come back in about a couple of months and check the numbers again.
Have any other real estate questions? Want to know what is going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
CA Office of Real Estate Appraisers License No. AR041451 - JamesForquer.com [email protected] Data is from EBRDMLS and includes the City of Oakland North of Hwy 580, South of Hwy 13, East of the 35th Ave and West of the intersection of Hwy 13 & 580. All MLS residential SFR listings, effective as of 01/15/2024.
Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer, Realtor - CA Department of Real Estate License No. 01205407
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