A final thank you to Polaris Pacific for this round of August new home market updates for the San Francisco Bay Area.
All of the data and analysis Polaris Pacific provides, incidentally, comes from painstaking hours going over every aspect of Multiple Listings Services with a microscope. PP does the work…we simply present the information discovered by that work. Again, thank you, Polaris Pacific.
The median resale price of single-family homes and condominiums in Oakland – Emeryville was $585,000 in August 2018.
Costs Per Square Feet
Low-rise units (1-4 stories) – $633/square feet – +7.8%
Mid –rise units (5 – 12 stories) – $781/square feet – +4.0%
High-rise units (13+ stories)- $1,020/square feet – +9.3%
Annual PSQ Changes
Oakland – $586,653 – +6.0%
Emeryville – $460,000 – +11.8%
When totaled together, this PSQ is +31.6% higher than the $445,000 total in 2006 at the pre-crisis peak.
Annual Sales/Volume Changes – (Big drops!)
Oakland – -27$
Emeryville – -40.8%
The percentage of cash buyers among total sales in Oakland-Emeryville was 17.6% in August 2018. This is a decrease from 24.0% cash buyers last year.
The percentage of investor buyers among total sales in Oakland-Emeryville was 22.9% in August 2018. This is a slight increase from 22.4% investor buyers in June 2017.
The MRI (Months Remaining Inventory) in Oakland-Emeryville has been well below 6 months since 2011. This MRI trend continues.
Days on the market (DOM) have been well below 60 since 2012. In August, DOM came in at 16 days.
Word to the wise…look for future condominiums and apartments in Oakland, not Emeryville.