Waiting, Waiting, Waiting . . .

Monday is here and it's numbers day at 94501 Real Estate. This is my regular day to review inventory and new listings to try a figure out what it means for Alameda. The numbers of late have been spinning a tail of an isolated group of people that have been sitting, waiting and remain cautious to make a move until they see what the rest of the Real Estate world does.

Inventory in the housing market is always a good gauge of how the story will unfold in the near future, but in Alameda the inventory has not fluctuated much over the last two months. We have been getting the same answer from the numbers for the past three months.

The group of homes for sale have been in a range of 18 listings of each other, from a low of 146 to a high of 164, over the last eight weeks. Over the last four weeks that ban has narrowed even tighter. It appears that as homes come on the market an almost equal number are being sold or being pulled off the MLS. A good number of buyer are waiting for the market to change before re-listing. (See the listing trend charted by week)

Link to Larger Version

Since sales have been flat the last two months, 21 each in December and January, my guess, yes guess, is that a bulk of sellers are letting listings expire or withdrawing them.

There were a number of new listings this week; 16 total. The most interesting is that there are three Million Dollar listings. The last Alameda million dollar sale I could find was in October 2008 for $1,220,000. There were two million dollar listings that sold in January, but the accepted offer was well below the seven figure threshhold.

So as the market stagnats it appears there will be a need for an outside force to get the market and invetory to change. This may come in the form of further price reductions, tax credits, or credit market free up money to buy. What ever the force(s) are it apppears that buyers and sellers will continue to wait, wait and wait.

Alameda Inventory Report -- February 8, 2009, 9:30 AM

Total 152

94501 120

94502 32

SFR 87

Condo 38

Multi-Family 27

Short Sale 24

Foreclosure 10

Price Reductions 64

High $1,795,000

Low $214,900

Listings for February 1 to 7, 2009 (16 for the week)

123 Old Castle $1,295,000 5 Bedroom; 3 Bathroom

2921 Marina Drive $1,079,000 3 Bedroom; 2 Bathroom

1833  San Antonio $1,055,000 4 Bedroom; 3 Bathroom

39 Lawrence $929,000 4 Bedroom; 3 Bathroom

1 Evans $748,888 3 Bedroom; 2 Bathroom

2903 Bayview $689,000 3 Bedroom; 3 Bathroom

2033 San Antonio $649,000 Multi family

35 McDonnell $649,000 3 Bedroom; 3 Bathroom

2033 San Antonio $649,000 2 Bedroom; 2 Bathroom

423 McDonnell $619,000 3 Bedroom; 3 Bathroom

834 Taylor $489,000 3 Bedroom; 1 Bathroom

1606 Lea $459,000 2 Bedroom; 2 Bathroom

562 Lincoln $450,000 2 Bedroom; 2 Bathroom

1918 Chestnut $379,000 2 Bedroom; 2 Bathroom

2394 Mariner Sq, B-9 $379,000 2 Bedroom; 2 Bathroom

1437 Morton $220,000 1 Bedroom; 1 Bathroom