Monday, February 9, 2009

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)

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

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