This El Cerrito Market update will blow you away!
Check out what the median price and median rent in El Cerrito has been doing since the beginning of summer last year.
|Week Ending||Median Price||Median Rent|
|Jun – Aug||$800,000||$3500|
When buyers and sellers ask us what a house is going to sell for it is very difficult to predict. This graph shows the unpredictability in the market, and more important, how it changes week by week. When we meet with a seller 2 months before the house will come on the market there is no way to predict what the price will do when it is time to bring it on the market; conversely, if a buyer is asking what they should offer on a house, it is difficult to give them an answer until just before the offer is due.
The median sales price for El Cerrito just hit an all time high this week. What has been predictable is the trend: based on historical data over the past 5 years the median price will continue to increase into the Spring and Summer months; by September the median sales price begins to decline, rising again in February of the following year. If that sales price cycle remains true for this year then expect April, May and June to be the best selling months and October, November and December to be the best buying months.
But look at the rents! The rental ceiling appears to occur just before the median price starts to decline. This is important information to know if you are looking to sign a lease.
CHECK THIS: 5 years ago the median price was $425,000. Compare that with today’s median price of $817,500 and you have some very generous appreciation.