Tuesday, February 3, 2009

January Sales Data

The January sales numbers (the early numbers slow reporting can change slightly change the numbers) remained flat from December 2008. Twenty one sales were recorded in the MLS for both last two months. The most interesting thing from last month sales was the Alameda medium sales price has seen a big decline.

Year-over-year the median home sale price dropped 26% from the first month in 2008. The median price in January 2008 was $621,450 compared to the first 31 days of 2009 that saw median drop to $457,000. This is a very significant move and a number that I will watch closely over the next several months.

The difference between the median list price and median sale price was 91%. Three properties sold over the asking price. The property that saw the largest difference between the list and sale price was the condo at 301 Broadway, #108. The new owners had a successful offer at 75% of the list price.

Sellers have had a tough time pricing their homes in this volatile market. A closer look at the what the average buyers was paying shows that offers were 88%.  It took homes about two and half months to sell based on the median of 86 days days on market. The average shows homes sat for 116 days. Basically if you are thinking of selling you should expect three to four months if the property is priced correctly and you are willing to negotiate on price.

The sale price of a home has seen a definite retreat. The lowest price paid for a property was $215,000 and the highest paid was $930,000. Two properties sold were originally listed for over a million dollars, but the sellers eventually settled on a price in the low nine hundreds. Of the 21 sales prices were spread evenly through three pricing bands: $200K to $400k recorded eight sales; $401K to $600K saw six sales; $601 to $999K brought out seven buyers.

Overall the month of January gave no indication of where the Alameda market is heading. The month shows indication that people are still holding off on buying. If February's numbers are similar then the trend is headed to stagnate market. Only those who need to buy or sell will enter into the purchasing process.

Jan09 Sales2

A little easier to read chart: Chart Link

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