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Real Estate Market Update for Fremont, Newark & Union City

Interest Rates are up but in the range of where they were in 2003 to 2007. That was a strong real estate market, the difference is that we are heading into a forced recession in 2023 whereas 2003 started the post dot-com bubble recovery. Two very different environments.




Pending Home Sales are down in Fremont, Newark and Union Cities but that can be blamed on fewer homes to available to but also lower demand from higher rates, fear of job losses, and inflation.


Pending Home Sales In Fremont
Pending Home Sales In Fremont

Pending Home Sales In Newark
Pending Home Sales In Newark

Pending Home Sales In Newark
Pending Home Sales In Union city

The Median Sales Price is Down. Case-Schiller is predicting home pricing could drop back to pre-covid levels. That's possible but they are also saying their is a large imbalance in supply of homes, so we may have some downward pressure caused by the forced recession to combat inflation, but the long term indicates further price improvement until the supply side of the equation is solved.

Chart of Median Sales Price: Fremont
Chart of Median Sales Price: Fremont

Chart of Median Sales Price: Newark
Chart of Median Sales Price: Newark

Chart of Median Sales Price: Union City
Chart of Median Sales Price: Union City

Median Sales Price vs. Mortgage Payment in California

There's been a 52.6% rise in the mortgage payment because of higher interest rates and only a 0.6% drop in the Median Sales price. Unless incomes go up, the only way to stoke demand is a lower home price in the short or a drop in the rates which is predicted to happen in 2023.

Chart of Median Sales Price vs. Mortgage Payment in California
Chart of Median Sales Price vs. Mortgage Payment in California

Average Days on the Market for Fremont, Newark and Union City is trending down, but I suspect that has more to do with reduced inventory in the real estate market.


Chart of Average Days on the Market for Fremont
Chart of Average Days on the Market for Fremont

Average Days on the Market has come Down and I suspect this is because of the reduced inventory and post New Year Enthusiasm. Every New Year starts the new buying season. I've personally seen an uptick in buyer interest however.

Chart of Average Days on the Market for Newark
Chart of Average Days on the Market for Newark

Chart of Average Days on the Market for Union City
Chart of Average Days on the Market for Union City

Always a good indicator of future price moves, Inventory of Homes Available for Sale in Fremont, Newark and Union City is Declining. If this continues pricing will stabilize and maybe improve, however, we are seasonally just starting the selling and buying season. Inventory should continue to rise from now and peak in August. If sellers decide to not sell that'll keep pricing up.

Inventory of Homes for Sale in Fremont
Inventory of Homes for Sale in Fremont

Inventory of Homes for Sale in Newark
Inventory of Homes for Sale in Newark

Inventory of Homes for Sale in Union City
Inventory of Homes for Sale in Union City

If you are thinking of selling or buying please reach for a free consultation. I look forward to your questions. Best regards,


-Sunil

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