Increase in Single Family Homes For Sale

This week the Alameda Real Estate Inventory showed a niced increase with an additional nine units for sale. The increase in Single Family Residences was the most positive part of the increase in inventory.

The SFR market was below 60 units for the past seven weeks, so any bump even a small one is encouraging. Since most of the Island's housing stock is SFRs then an increase in this category is good for the current market, which has been suffering from a lack of inventory. There are 11 news single family listing since last Monday.

New Listings

. List Date List Price Adress Beds Baths Sq Feet Type . 2/5/2010 $648,000 336 LINA AVENUE 4 3.5 3150 SFR . 2/5/2010 $549,000 2015 BUENA VISTA AVENUE 2 1 1318 SFR . 2/5/2010 $619,900 404 KITTY HAWK RD 3 2 1438 SFR . 2/5/2010 $430,000 3116 LA CRESTA 3 2.5 1628 TNHS . 2/4/2010 $450,000 2017 LINCOLN AVENUE 3 2.5 1443 SFR . 2/4/2010 $639,000 404 CAMDEN RD 3 2 1503 SFR . 2/4/2010 $698,000 227 INVERNESS CT 3 2.5 1891 SFR . 2/3/2010 $565,000 7 KINGSBURY COURT 2 3.5 1503 CONDO . 2/3/2010 $470,000 3037 LINDA VI 3 2.5 1628 TNHS . 2/2/2010 $354,900 1819 UNION ST 2 1 997 SFR . 2/1/2010 $250,000 1825 SHORELINE DR #112 1 1 621 CONDO . 2/1/2010 $517,000 1618 6TH ST 2 2 1422 SFR . 2/1/2010 $310,000 447 LINCOLN AVE 2 1 722 SFR . 2/1/2010 $1,300,000 2809 SEA VIEW PKWY 5 3 2744 SFR . 2/1/2010 $779,000 105 SHEFFIELD RD 4 2 1954 SFR

Overall, Inventory still remains low, but relative to the the current sales levels it may be an appropriate level of housing stock until more buyers come to the market. This is the proverbial chicken and egg; in this case buyer and seller. More people will sell when they have people to buy and buyers will buy when there is something that fits their needs to buy.

A shift needs to happen to shake the market loose, but until then I will just continue to monitor the numbers.

Alameda Inventory February 8, 2010

. . 2/8/2010 . Total 113 . 94501 89 . 94502 24 . SFR 61 . Condo 31 . Multi-Family 19 . Short Sale 18 . Foreclosure 11 . Price Reductions 29 . High List $1,999,000 . Low List $188,000 .

Alameda Snapshot: Empty Again

It appears that the New Zealander has closed leaving the historic Croll's building empty again. Here is an Alameda Snapshot of the beautiful stain glass incorporated in the building.

January A Fizzle For Home Sales

After a strong close to Alameda home sales in the final four months of a lackluster 2009 in, 2010 started with a completed fizzle. The first month of this year so far has recorded just 16 sales. This is the lowest total I have seen in the three years of data that I have compiled.

For a reference, January 2007 had 37 sales and 2008 and 2009 recorded 21 sales in the opening month of the year. The year-over-year decline is 24 percent and the month-over-month change is a decrease of 59 percent.



Typically January and February are slow months for home sales, but the unusually slow sales have been compounded by a lack of (new or good) inventory for buyers to choose from and the difficulty for many to still secure financing.

Because the sales were low the Alameda median home sale price dropped to $477,800. This is $91,200 drop from December or a 16 percent decline. The positive is that it is higher than January 2009’s $457,000. The high median sales price in 2009 was $594,000 in June.

January 2010 Alameda Home Sales

. Sales Date Address Type List Price Sale Price % . 1/5/2010 1041 CAMINO DEL VALLE TNH $365,000 $378,000 104% . 1/6/2010 1428 UNION ST SFR $825,000 $801,000 97% . 1/6/2010 1533 MOZART ST SFR $350,000 $335,000 96% . 1/8/2010 1547 B SANTA CLARA AVE SFR $575,000 $530,000 92% . 1/8/2010 2815 OTIS DR SFR $459,000 $426,000 93% . 1/8/2010 2031 OTIS DR #F CONDO $279,900 $285,000 102% . 1/8/2010 16 CALLAN PL SFR $1,850,000 $1,795,000 97% . 1/12/2010 1367 HANSEN AVE SFR $679,000 $679,000 100% . 1/12/2010 1560 LINCOLN UNIT C SFR $230,900 $210,000 91% . 1/13/2010 653 CENTRE COURT TNH $479,000 $483,600 101% . 1/13/2010 1825 SHORELINE DRIVE #213 CONDO $239,000 $245,000 103% . 1/15/2010 2140 CLINTON AVE. MFR $995,000 $880,000 88% . 1/15/2010 1554 4TH ST SFR $499,000 $530,000 106% . 1/15/2010 801 PARK STREET SFR $509,900 $490,000 96% . 1/15/2010 430 COLA BALLENA #C CONDO $484,000 $472,000 98% . 1/26/2010 2031 OTIS DR #G CONDO $215,000 $210,000 98% . Median $477,800 . Average $546,850 .