Wednesday, March 18, 2009

Closer Look at February Home Sales

Last week, I posted February sales numbers and I wanted to take a closer look. The Alameda median home sale price is down 16% from the prior year even though the volume was almost identical, but there is a litlle good news hidden in the numbers.

The most interesting thing of the month was the median sale price was slightly higher than the median list price. A few homes sold for more than the listing price, a very good trend to stabilize the market, which gave us the small anomaly.

In 2008, the median sale price was $662,500 compared to last months $558,000. Eight of the 22 properties (36%) closed in February 2009 were sold for less than 95% of the asking price. Another eight sold between 95% and 99% of the asking price. The final six were evenly divided with three going for asking price and three above asking.

Two of the three that sold for above asking 309 Sand Beach (listing price: $540,000) and 308 Fair Haven (listing price: $535,000) were both 4 bedroom 2 bathroom homes, were sold for $45,000 and $60,000 more than the asking price.

These two properties are a good sign that this type of home has found a bottom price and there are buyer(s) willing to jump into the process.

The other interesting trend is no property listed for over $700,000 sold for asking. The five properties took from 93%-97% of what they were asking on those fancy flyers outside the house. The one million dollar sale, 12 Callan, saw the owners accept an offer 7% blow the listing price.

February 2009 median numbers were:

List Price: $557,475

Sale Price: $558,000

Bedroom: 3

Bathroom: 2

Square feet:1,522

Price per square foot: $395

No comments:

Post a Comment