The so-called “exodus” in the Bay Area appears to be down, and average rents in Emeryville have risen by about 13% since bottoming out in December 2020. Despite this increase, 1 bedroom rents are still down 19% from their previous peak. to a pandemic and by about 8% for two-bedroom apartments.
One of the factors behind the headcount increase is believed to be the return to work of larger companies that have begun reopening their offices by sending employees back to the area. Employee opposition and the proliferation of COVID variants threaten to slow this process down.
Meanwhile, 16% of tenants are reported to be late with payments. Emeryville and other cities have expanded their Moratorium on evictions from residential and commercial premises until September 30th. This recent article in Economist raises concerns about a housing crisis coinciding with the current boom in housing prices.
Rent for 1-bedroom apartment, rise for 2-bedroom apartment
Emeryville was ranked 7th most expensive city in the Bay Area to rent in June. The price of one-bedroom apartments remained stable at an average of $ 2,200, while prices for two-bedroom apartments rose 2.2% to $ 3,200.
Compared to last year, rents were down 11% for 1-bedroom apartments and 5% for 2-bedroom apartments in Emeryville.
Property sales continue to fall
14 properties were sold in June, down 12.5% from 16 in June 2020 and 17.6% down from 17 sales last month. Monthly sales in June 2021 were average compared to June 2020 and 2019. Year-to-date sales were 91, up 78.4% from last year, when sales were 51.
Median sales prices are up since May 2021.
The median selling price in June was $ 679,000, down 4.3% from $ 709,500 in June 2020 and 31.6% up from $ 516,000 last month. The median selling price in June was $ 963,143, up 44.6% from $ 666,219 in June 2020 and up 75.1% from $ 549,912 last month. ASP was at its highest in June 2021 compared to June 2020 and 2019.
Stocks remain low
The total list of properties available for sale, as of June 9, decreased by -10.0% from 10 last month and -47.1% from 17 in June last year. June 2021 stocks were at their lowest compared to June 2020 and 2019.
A comparatively lower MSI is more beneficial for sellers, and a higher MSI is better for buyers. The MSI 0.6 month in June 2021 was the lowest compared to June 2020 and 2019.
Days on the market in the middle range
The average number of days on the market (DOM) shows how many days the average property is on the market before being sold. An uptrend in the DOM tends to indicate movement towards most of the Buyer’s market, and a downtrend towards most of the Seller’s market. The DOM for June was 22, down -4.3% from 23 days last month and -18.5% from 27 days in June last year. The DOM for June 2021 was at an average level compared to June 2020 and 2019.
Sales price versus list price – property is sold at list price
Selling price per square foot is an excellent indicator of the direction of property prices. Since the average selling price and the average selling price can be influenced by the “combination” in the real estate market of high or low, the selling price per square foot is a more normalized indicator of the direction of real estate values. In June 2021, the $ 662 per square foot selling price was up 2.2% from $ 648 last month and 2.6% from $ 645 last June.
Still on sale: Live / Work Loft at the Besler Loft Building
This 1 bedroom 1 bathroom Besler loft boasts 1,742 sq. It was listed back on May 19 and is still available at the time of this posting. The sale price is $ 929,000, and the HOA fees are $ 455 per month.
Complete list with additional photos posted here…
This report was prepared by longtime Emeryville resident and Coldwell Banker realtor Nicole Gruen. Want to inquire about buying or selling in Emeryville? Support your regular realtor…
** All data is believed to be accurate but not guaranteed.