Wednesday, November 26, 2008

Alameda October Sales Data

The National and Regional data concerning existing home sales is downright depressing. So I dug into the Multiple Listing Service to take a look at sales in Alameda over the last 13-months and found that our micro market is holding up.

Starting in November 2007, Alameda saw a four consecutive months of declining sales. Sales spike in April and July of this year and bottomed in September. Unlike the National numbers Alameda had a solid October with 47 closed transactions a small increase over the prior year.

According to the National Association of Realtors , existing-home sales fell 3.1 percent to a seasonally adjusted annual rate1 of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, and are 1.6 percent below the 5.06 million-unit level in October 2007. Total housing inventory at the end of October slipped 0.9 percent to 4.23 million existing homes available for sale, which represents a 10.2-month supply2 at the current sales pace, up from a 10.0-month supply in September.

Alameda is see pricing pressure with 71 of 172 listing have instituted a price reduction. Plummeting national home prices established yet another benchmark low in September and according to several reports and real estate observers many say the worst is still to come.

In the Case-Shiller report released yesterday, of the 20 cities tracked, the San Francisco metropolitan region experienced the third largest annual drop, 29.5 percent, and by far the largest monthly decline, 3.9 percent. The San Francisco Metro is defined as Alameda, Contra Costa, Marin, San Francisco and San Mateo counties.



The true test of the Alameda Housing Market will come in the upcoming slow winter months. If January and February sales can outpace last years sales it will be a good sign that the market in Alameda may have found the bottom.

Weekly Inventory Report -- Total Alameda Inventory

Data Pulled November 24, 2008 at 11:30 AM

Total Listings: 172

Single Family Residences: 102

Condominiums: 40

Multi-Family: 30

Short Sales: 20 

Foreclosures: 15 

Highest List Price: $1,995,000 

Lowest List Price: $219,900

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