Fremont’s real estate market in May defies a neat characterization, but it’s safe to say it’s slowed slightly from last year. Fremont is still showing positive appreciation, however, and not all the numbers are as dramatic as they are in other markets (see our recent report on Oakland, for example).
For example, average days on market are up to 22. By any objective standard, that’s a pretty quick selling time. The news only looks bad when compared to last year’s average for Fremont of 12 days on market. Likewise, homes are still selling for fairly close to list price. With the average list price at $704,754 and the average sale price at $702,717, Excel blithely commits a rounding error and calls that “100%”.
Moreover, few listings expired this year — and the ratio of expireds to solds is only 10.9% compared to last year’s 9%. In an “off market” the number can climb as high as 50% or more.
In addition to surviving the so-called “bubble” fairly well, Fremont sellers are still enjoying some appreciation — albeit fairly modest. The average price appreciated 6.9% in May to May, the median 2.3%, and average sold price per square foot appreciated a more respectable 11.6%.