Friday, May 29, 2009
Alameda Snapshot: Catching Air
Saw this great photo taken at Alameda's Skate Park. The photo was posted to flickr by aroddick. I want to invite you to send me photos, that you think captures the essence of Alameda, for Snapshot Friday's. Hope you enjoy the weekend.
Thursday, May 28, 2009
More Homeowners Fall Behind
Today, the Mortgage Bankers Association reported 12-percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. The wave of foreclosures isn't expected to crest until the end of next year, and the foreclosure rate on prime fixed-rate loans doubled in the last year. This now represents the largest share of new foreclosures.
From the Press Release:
According to Census 2000 Alameda a little more than 9,000 of the 12,085 homes had a mortgage. The Census data is really old, but the ball park number is 75% of homes carry some financing. Given that number that means that up to 1,200 home owners on the Island could be behind based on the National number.
Given that the Alameda market has been fairly stable compared to the Nation and California as a whole, I believe that percentage is on the high side for our little community. But if we take just quarter, 3%, that is still 272 homeowners with payment troubles. That's significant compared to the existing inventor would be a huge impact to pricing.
The news on housing this week has been fairly ominous, but as I have said before we just have to continue to watch and see what happens.
From the Press Release:
At the same time, almost half of all adjustable-rate loans made to
borrowers with shaky credit were past due or in foreclosure.
The worst of the trouble continues to be centered in California, Nevada, Arizona and Florida, which accounted for 46 percent of new foreclosures in the country. There were no signs of improvement.The pain, however, is spreading throughout the country as job losses take their toll. The number of newly laid off people requesting jobless benefits fell last week, the government said Thursday, but the number of people receiving unemployment benefits was the highest on record. These borrowers are harder for lenders to help with loan
modifications.
According to Census 2000 Alameda a little more than 9,000 of the 12,085 homes had a mortgage. The Census data is really old, but the ball park number is 75% of homes carry some financing. Given that number that means that up to 1,200 home owners on the Island could be behind based on the National number.
Given that the Alameda market has been fairly stable compared to the Nation and California as a whole, I believe that percentage is on the high side for our little community. But if we take just quarter, 3%, that is still 272 homeowners with payment troubles. That's significant compared to the existing inventor would be a huge impact to pricing.
The news on housing this week has been fairly ominous, but as I have said before we just have to continue to watch and see what happens.
Wednesday, May 27, 2009
Distressed Property: 28-Percent of Alameda Sales
The reports keep coming.
The National Association of Realtors reported today that existing-home sales made a small step-up in April. Buyers around the country are taking advantage of foreclosures and snapping up property that carries a large discount.
Home resales rose by 2.9% to a 4.68 million annual rate from 4.55 million in March. The NAR originally reported March sales fell 3.0% to 4.57 million. The April resale level of 4.68 million reported Wednesday by NAR was above Wall Street expectations of a 4.67 million sales rate for previously owned homes.
About 45% of the 4.68 million in April sales were foreclosures and short sales. The large number of these distressed property sales has driven prices lower, year over year. The median price for an existing home last month was $170,200, down 15.4% from $201,300 in April 2008.
In Alameda, we have seen sales increase steadily since January. The month-over-month change between March and April was a 40% increase. The difference between the two months is just 10 sales.
Link to Larger Chart
Distressed property sales, January 1 to May 27, are 28% of the sales the homes sold in Alameda. The short sale or foreclosure sale of Alameda properties recorded on the Multiple Listing Service show that the number is much smaller than the national number, but still significant.
Alameda buyers are now facing two big issues: lack of changing inventory and tighter lending standards. Weak demand has kept Alameda inventories of unsold homes low and unchanging. The inventory has been very static, it appears low priced homes are being snapped up but the weak inventory is depressing prices as buyers wait to see what direction the market will head.
Combine the inventory issue with tighter mortgage lending standards, which have made it harder to finance a purchase and pricing will be continue to be difficult to predict in the near future. The uncertain economic outlook is also hurting the existing-home market as unemployment rate rose to 8.9% in April from 8.5%.
Given California’s budget crisis, and assured job cuts it could be a long dry summer for the home market.
The National Association of Realtors reported today that existing-home sales made a small step-up in April. Buyers around the country are taking advantage of foreclosures and snapping up property that carries a large discount.
Home resales rose by 2.9% to a 4.68 million annual rate from 4.55 million in March. The NAR originally reported March sales fell 3.0% to 4.57 million. The April resale level of 4.68 million reported Wednesday by NAR was above Wall Street expectations of a 4.67 million sales rate for previously owned homes.
About 45% of the 4.68 million in April sales were foreclosures and short sales. The large number of these distressed property sales has driven prices lower, year over year. The median price for an existing home last month was $170,200, down 15.4% from $201,300 in April 2008.
In Alameda, we have seen sales increase steadily since January. The month-over-month change between March and April was a 40% increase. The difference between the two months is just 10 sales.
Link to Larger Chart
Distressed property sales, January 1 to May 27, are 28% of the sales the homes sold in Alameda. The short sale or foreclosure sale of Alameda properties recorded on the Multiple Listing Service show that the number is much smaller than the national number, but still significant.
Alameda buyers are now facing two big issues: lack of changing inventory and tighter lending standards. Weak demand has kept Alameda inventories of unsold homes low and unchanging. The inventory has been very static, it appears low priced homes are being snapped up but the weak inventory is depressing prices as buyers wait to see what direction the market will head.
Combine the inventory issue with tighter mortgage lending standards, which have made it harder to finance a purchase and pricing will be continue to be difficult to predict in the near future. The uncertain economic outlook is also hurting the existing-home market as unemployment rate rose to 8.9% in April from 8.5%.
Given California’s budget crisis, and assured job cuts it could be a long dry summer for the home market.
Tuesday, May 26, 2009
The Fall of Home Prices Nationally Continues
Today, starts the release of a fresh batch of housing report with The Standard & Poor's/Case-Shiller home-price index for March is due today, the National Association of Realtors releases April home-resale data Wednesday, and the Census Bureau releases new-home-sales numbers Thursday.
These numbers will be the first indication if home sales and construction are at the bottom and could soon rise. Most Economists and industry expects expect to see in this week's numbers a confirmation that the swing has leveled.
For housing to recovery prices must stop falling. For Alameda we saw April of this year stop the slide of both median and average sale price. The concern is the month-to-month volume is small and variations in these numbers are easily manipulated by just a few sales.
Link to Larger Chart
The news from Case-Shiller Home Price Indices Prices showed that the falling prices have not stopped, but have slow down. U.S. single-family homes fell 18.7 percent in March from a year earlier and 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.
All 20 cities in the index showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and three cities — Phoenix, Las Vegas and San Francisco — all recorded declines of more than 30 percent.
Nationally an avalanche in the supply of housing has driven prices down and will keep a lid on prices even as demand rises. Six months of inventory is considered balanced and given the inventory levels the market still has a long road to recovery. Currently, national existing-home inventories are down to 9.8 months' supply, but off their recent peak of 11.3 months. In Alameda, using a four month median of sales, the Island is carrying a little more than seven months of inventory.
Last week we discussed a massive shadow inventory of bank- and investor-owned homes. This inventory could be enough to push existing-home supply pass 12-months. Based on the RealtyTrac numbers we reported last week a 192 properties have yet to hit the open market, that would push Alameda’s inventory beyond 15-months.
The states of Nevada, Florida, Michigan and California, also have unemployment rates above the national average, inhibiting demand. Many areas with big overhangs also are riddled with distressed sales, which comprise more than 50% of total sales in some metro areas of California, Arizona and Nevada.
As long as prices are falling, banks will take more losses, consumers will wait to buy.
These numbers will be the first indication if home sales and construction are at the bottom and could soon rise. Most Economists and industry expects expect to see in this week's numbers a confirmation that the swing has leveled.
For housing to recovery prices must stop falling. For Alameda we saw April of this year stop the slide of both median and average sale price. The concern is the month-to-month volume is small and variations in these numbers are easily manipulated by just a few sales.
Link to Larger Chart
The news from Case-Shiller Home Price Indices Prices showed that the falling prices have not stopped, but have slow down. U.S. single-family homes fell 18.7 percent in March from a year earlier and 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.
All 20 cities in the index showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and three cities — Phoenix, Las Vegas and San Francisco — all recorded declines of more than 30 percent.
Nationally an avalanche in the supply of housing has driven prices down and will keep a lid on prices even as demand rises. Six months of inventory is considered balanced and given the inventory levels the market still has a long road to recovery. Currently, national existing-home inventories are down to 9.8 months' supply, but off their recent peak of 11.3 months. In Alameda, using a four month median of sales, the Island is carrying a little more than seven months of inventory.
Last week we discussed a massive shadow inventory of bank- and investor-owned homes. This inventory could be enough to push existing-home supply pass 12-months. Based on the RealtyTrac numbers we reported last week a 192 properties have yet to hit the open market, that would push Alameda’s inventory beyond 15-months.
The states of Nevada, Florida, Michigan and California, also have unemployment rates above the national average, inhibiting demand. Many areas with big overhangs also are riddled with distressed sales, which comprise more than 50% of total sales in some metro areas of California, Arizona and Nevada.
As long as prices are falling, banks will take more losses, consumers will wait to buy.
Monday, May 25, 2009
Inventory Data for the Long Weekend
Hope everyone is enjoying the long weekend. With the Holiday today, just the inventory numbers, be back with a full post tomorrow.
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Friday, May 22, 2009
Alameda Snapshot: Beach Time
With the Memorial Day weekend upon us, a photo capturing things to do locally is appropriate. This is a great photo of the beach from flickr photographer gtninja12000.
Have a safe weekend.
Thursday, May 21, 2009
Stress or Distressed
Just adding to yesterday's post about shadow inventory. I wanted to provide a chart that shows both foreclosures and short sales listed on the Multiple Listing Service (MLS). These are Alameda properties that have been placed on the open market for sale.
Link to Larger Chart
You can see that distressed properties have declined since a high in January. The combined foreclosure and short sales for the week were 29. In terms of listed foreclosures, on May 17, we saw a 26-week low of just eight listed. The high was back in November when the Alameda market had 17 foreclosures on the market.
Given that RealtyTrac is reporting 93 homes in pre-foreclosure, 53 at the auction stage and 75 banked owned it appears that the MLS is under-reporting.
Link to Larger Chart
Wednesday, May 20, 2009
The Shadow Knows
The talk around the Real Estate industry for months has been about shadow inventory. This is inventory of unsold homes that has been kept from the market for several reasons, mostly because banks do not have the resources to handle all of the foreclosures. Information I gleaned from Zillow and RealtyTrac show that the Alameda Real Estate Market may have some hidden inventory.
Zillow is reporting that a big group of homeowners have been trying to wait out the downturn in the market and are ready to sell. “Almost one-third of homeowners (31 percent) said they would be at least somewhat likely to put their homes on the market in the next 12 months if they saw signs of a recovering real estate market,” according to Zillow’s first quarter Homeowner Confidence Survey. “Maybe these homeowners have outgrown their homes, or are dreaming about living in a new neighborhood or town, but don’t like the prospect of selling in the current market.”
The shadow inventory can result in a slower recover.
“This “shadow inventory” will likely be one of the contributors to a recovery that is more “L”-shaped than “V”-shaped. As sales rise and inventory is cleared off, many homeowners will start to test the waters again by putting their homes on the market, thus keeping supply levels higher than they would be without this pent-up inventory. These sustained supply levels will serve to keep downward pressure on prices, which can only increase as demand begins to outstrip supply,” wrote Zillow’s Vice President of Data and Analytics Stan Humphries.
Over at RealtyTrac, a search of foreclosures for Alameda show that there is a looming group of homes ready to hit the Island’s Real Estate market. The Website list 93 homes in Pre-foreclosure. The owners have received notice of default, but have not yet been foreclosed.
The Pre-foreclosed homes is more than half of what is currently listed on the Multiple Listing Service (MLS). Add to that 53 listed for Auction and another 75 Banked-Owned and that is 221 properties that could add to the rise in inventory.
The MLS shows eight foreclosures and 21 short sales listed. If we subtract that out of the Realty Trac numbers that leaves a 192 properties that have yet to hit the open market.
Alameda Inventory as of Sunday May 17, 2009
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Zillow Report http://www.zillow.com/blog/when-the-bottom-arrives-a-flood-of-shadow-inventory/2009/05/19/
Tuesday, May 19, 2009
Half Way In May
With May now more than half over and the Memorial Day Weekend approaching to kickoff the Summer vacation season, it is a good time to check-in and see how sales totaling up for the month.
Traditionally, the end of each month is stronger for closes but the more sales you rack up early in the month the stronger the month tends to be for sales.
Given that trend May is not shaping up to be very strong. So far sales are trickling in, just eight in the first 15 days. Sales were split between four condominiums and four single family homes as well as four sales in the 94501 and four in the 94502. The low sale was a two bedroom condo for $235,000. The high sale was a $670,000 four bedroom home on Bay Farm.
Traditionally, the end of each month is stronger for closes but the more sales you rack up early in the month the stronger the month tends to be for sales.
Given that trend May is not shaping up to be very strong. So far sales are trickling in, just eight in the first 15 days. Sales were split between four condominiums and four single family homes as well as four sales in the 94501 and four in the 94502. The low sale was a two bedroom condo for $235,000. The high sale was a $670,000 four bedroom home on Bay Farm.
May 2008 posted 41 sales, given the trend it will be difficult to match last year's sales totals.
The sales generated $4.2 Million in transactions with an average sale price of $525,000. On a square-foot basis the condos averaged $330 per square foot and the single family homes average $360.
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Monday, May 18, 2009
Alameda Real Estate: How You Doing?
The 2009 National Association of Realtors® Member Profile was released on Friday and it got me thinking how are Alameda’s Real Estate Salespeople and Brokerages doing so far in 2009.
I took a look at 118 sales recorded on the Multiple Listing Service from January 1 to May 15, 2009. This represents 236 sides of a transaction a salesperson or brokerage had the opportunity to represent. For perspective the sales to date in Alameda have been more than $65 Million. That is (at 6% commission) $4 Million in commissions earned or more than $16,000 per side.
The Island does have a couple of dominate players in the real estate market, but 44 brokerages have done business in Alameda this year.
Alameda’s Big Three: Harbor Bay, Gallagher & Lindsey and Kane represented clients in 46-percent of the sides for 2009 deals closed on the Island. Harbor Bay led the pack with 56 sides compared to 38 for Gallagher and Lindsey and 14 for Kane.
For Harbor Bay Realty 25 of their agents generated over $35 Million in home sales which represents an estimated, at a 3% commission, just over a million dollars in commissions earned. For Gallagher and Lindsey 17 agents in the office produced $20 Million in home sales or just under $600,000 in commissions.
It appears there is not a lot of money to go around the Island right now with 42 agents accounting for 94 sides of the transactions. The three brokerages list a 148 agents on their websites. (64 HBR, 38 Kane and 46 G&L)
According to the NAR survey the median income for Realtors® was $36,700 in 2008, down from $42,600 in 2007. Members licensed as brokers earned a median of $49,300 last year, while sales agents earned $28,400.
The top agents just by count totals are: Listing side: Constance Farber of G&L and Ringo Liu of HBR with four listings sold; G&L's Bobbi Vogel had five buyers to lead the pack on that side of the transaction. I could have broke it down to dollars, but I did not want to spend the extra time.
Realtors® in the business for two years or less earned a median of $8,600, while those with three to five years of experience earned $27,100. For six to 15 years, the median was $42,400, while members in the business for 16 years or more earned $53,900.
The survey shows the typical NAR member is 54 years old, works 40 hours per week and specializes in residential brokerage; 60 percent are women. Just looking at the local websites the profile in Alameda is pretty accurate.
Here is the breakdown of sides for brokerages:
I took a look at 118 sales recorded on the Multiple Listing Service from January 1 to May 15, 2009. This represents 236 sides of a transaction a salesperson or brokerage had the opportunity to represent. For perspective the sales to date in Alameda have been more than $65 Million. That is (at 6% commission) $4 Million in commissions earned or more than $16,000 per side.
The Island does have a couple of dominate players in the real estate market, but 44 brokerages have done business in Alameda this year.
Alameda’s Big Three: Harbor Bay, Gallagher & Lindsey and Kane represented clients in 46-percent of the sides for 2009 deals closed on the Island. Harbor Bay led the pack with 56 sides compared to 38 for Gallagher and Lindsey and 14 for Kane.
For Harbor Bay Realty 25 of their agents generated over $35 Million in home sales which represents an estimated, at a 3% commission, just over a million dollars in commissions earned. For Gallagher and Lindsey 17 agents in the office produced $20 Million in home sales or just under $600,000 in commissions.
It appears there is not a lot of money to go around the Island right now with 42 agents accounting for 94 sides of the transactions. The three brokerages list a 148 agents on their websites. (64 HBR, 38 Kane and 46 G&L)
According to the NAR survey the median income for Realtors® was $36,700 in 2008, down from $42,600 in 2007. Members licensed as brokers earned a median of $49,300 last year, while sales agents earned $28,400.
The top agents just by count totals are: Listing side: Constance Farber of G&L and Ringo Liu of HBR with four listings sold; G&L's Bobbi Vogel had five buyers to lead the pack on that side of the transaction. I could have broke it down to dollars, but I did not want to spend the extra time.
Realtors® in the business for two years or less earned a median of $8,600, while those with three to five years of experience earned $27,100. For six to 15 years, the median was $42,400, while members in the business for 16 years or more earned $53,900.
The survey shows the typical NAR member is 54 years old, works 40 hours per week and specializes in residential brokerage; 60 percent are women. Just looking at the local websites the profile in Alameda is pretty accurate.
Here is the breakdown of sides for brokerages:
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Friday, May 15, 2009
Alameda Snapshot: Island Auto Movie
I found this 1983 Photo of Alameda on Flickr and thought this would make a great snapshot photo for today, The Drive-in site has been developed into homes, but I can remeber the day when the swap met bustled and as a teenager hanging out just outside the drive-in and watch the movie from outside the fence.
From Dizzy Atmosphere who posted the photo:
A lot has change in this area, the Alameda Housing projects that were across the street are gone and replaced with a park and Independance Plaza. I need to find a photo of those old barrack style of the public assisted housing that sat across the street..
Have a great weekend.
The Site Today:
From Dizzy Atmosphere who posted the photo:
Island Auto Movie Drive-in, Alameda, California. Opened 1950.A storm in 1991 destroyed the screen at this theater. Oddly enough, after the expense and labor of replacing it, the theater never re-opened. The site continued as a weekend swap meet until 1995 when it was closed and abandoned. It was demolished in 1997, and a housing subdivision was built shortly thereafter on the site.
A lot has change in this area, the Alameda Housing projects that were across the street are gone and replaced with a park and Independance Plaza. I need to find a photo of those old barrack style of the public assisted housing that sat across the street..
Have a great weekend.
The Site Today:
Thursday, May 14, 2009
City Sponsor Home Buying Seminar
The City of Alameda has a workshop for first time home buyers this is required for anyone who wants to apply for the City's Down Payment Assistance program. The workshop is this Saturday if you already have plans the City will host the free workshop again in August.
From City of Alameda Website
The dream of owning a first home in Alameda can be a reality for a few more families, thanks to the City's Down Payment Assistance Program (DPA program). The City's DPA program provides up to $80,000 in assistance, serves households with low-to moderate incomes, and gives preference to families that currently live or work in Alameda.
Although the Alameda housing market is relatively strong in comparison to neighboring cities, there has been a slight decline in the median cost of homes and an increase in bank-owned properties. Alameda's current housing market, combined with today's low mortgage rates and the City's DPA program, makes homeownership within the community more attractive among first-time homebuyers.
Attend a Free Seminar
The City sponsors free Homebuyer Education Seminars that explain the City's DPA program, Federal/State/County first-time homebuyer programs, and the home loan prequalification and approval process. The seminars also cover all aspects of the home-buying process. Seminar participants will receive a comprehensive information packet containing details about homebuyer counseling, programs and other resources. Participants will receive a certification of completion that will satisfy the certification requirement of the City's DPA program as well as other first-time homebuyer programs.
The next Homebuyer Education Seminars will be held at Alameda High School on Saturday, May 16, and Saturday, August 29, from 9:00 a.m. to 1:30 p.m. A seminar is also planned for November. Registration for the seminars, which are administered by First Home Inc., can be done online at www.fhicda.com or by calling (415) 561-5600 x 125.
Wednesday, May 13, 2009
As The Nation Goes Alameda Goes
The National Association of Realtors reported that home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of 2009 as first-time buyers looking for bargains dominated the market and banks continue to manage foreclosed properties. Alameda was amongst those cities that saw prices continue to fall. In yesterday’s report the median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared to the First Quarter of 2008 verses 2009. Nationwide, sales of distressed (foreclosed and short sales) properties made up about half of the sales in the market.
Alameda was not immune to the drop in average sale price. Prices year-over-year dropped 13% or over $80,000. From the Fourth Quarter 2008 to the First Quarter 2009 saw prices drop 8% more that $45,000.
Alameda First Quarter 2008 Sales Average: $631,627
Alameda Fourth Quarter 2008 Sales Average: $596,557
Alameda First Quarter 2009 Sales Average: $550,881
Six states California, Nevada, Arizona, Florida, Virginia and Minnesota saw an increase in sales where buyers have been able to snap up foreclosures at a deep discount. The volume of inventory has seen a sharp decline.
In a Wall Street Journal article, that also ran yesterday, the number of homes listed for sale in many U.S. cities continued to fall in April. A few analysts see the decline in inventory a sign that the market may be nearing a bottom, but these same people can not predict how many foreclose properties are still looming and will hit the market in the next few months. At the end of April, the inventory supply of homes for sale in 29 major metropolitan markets was down 3.6% from a month earlier.
The news is very difficult to interpret for our micro-market of Alameda. The Island’s inventory has continue remain stagnant and price have continued to drop. April showed nine properties sell over list price and the median list-to-sale ratio was 98%. The only cure for the market is time. Just need to sit and continue to watch.
Alameda was not immune to the drop in average sale price. Prices year-over-year dropped 13% or over $80,000. From the Fourth Quarter 2008 to the First Quarter 2009 saw prices drop 8% more that $45,000.
Alameda First Quarter 2008 Sales Average: $631,627
Alameda Fourth Quarter 2008 Sales Average: $596,557
Alameda First Quarter 2009 Sales Average: $550,881
Six states California, Nevada, Arizona, Florida, Virginia and Minnesota saw an increase in sales where buyers have been able to snap up foreclosures at a deep discount. The volume of inventory has seen a sharp decline.
In a Wall Street Journal article, that also ran yesterday, the number of homes listed for sale in many U.S. cities continued to fall in April. A few analysts see the decline in inventory a sign that the market may be nearing a bottom, but these same people can not predict how many foreclose properties are still looming and will hit the market in the next few months. At the end of April, the inventory supply of homes for sale in 29 major metropolitan markets was down 3.6% from a month earlier.
The news is very difficult to interpret for our micro-market of Alameda. The Island’s inventory has continue remain stagnant and price have continued to drop. April showed nine properties sell over list price and the median list-to-sale ratio was 98%. The only cure for the market is time. Just need to sit and continue to watch.
Tuesday, May 12, 2009
Is The Housing Market Turning?
Good Morning America aired a story this morning about the every changing Real Estate market. The good news, as reported by local (Emeryville based) Online Real Estate Brokerage ZipRealty, is that inventory is going down across the country in several markets.
Inventory has decreased from over 11 months down to about 8 months. The result should be with fewer homes on the market prices will stabilize.
For us here in Alameda, as reported in yesterday's numbers, the news is not yet relevant both inventory and sales have remained relatively constant with over 5 months of inventory at the current sales rates. As always we will continue to monitor inventory to see what direction the Alameda market is heading.
Boo to ABC for not having an embed feature. Here is the link and a screen shot of the video player.
http://abcnews.go.com/video/playerIndex?id=7564250
Inventory has decreased from over 11 months down to about 8 months. The result should be with fewer homes on the market prices will stabilize.
For us here in Alameda, as reported in yesterday's numbers, the news is not yet relevant both inventory and sales have remained relatively constant with over 5 months of inventory at the current sales rates. As always we will continue to monitor inventory to see what direction the Alameda market is heading.
Boo to ABC for not having an embed feature. Here is the link and a screen shot of the video player.
http://abcnews.go.com/video/playerIndex?id=7564250
Monday, May 11, 2009
Inventory Monday
As part of the 94501 Real Estate routine, I report the Alameda inventory data each week, but the inventory has been flat for months now and just not real interesting. So, I thought I would take a look at specific part of the inventory, the Million Dollar Listings. Why? Because it a Million and that number always seems to grabs peoples attention and besides it Monday and we need something light.
I put together a short video for you to see the homes for sale in the seven figure range. More to say below:
Of the the 13 listing 10 had one thing in common, access to the water. Marina Drive had the most million dollar listing for a single street; four. All four of the properties face the Estuary and have boat docks. These Marina Drive homes are on the small side with square footage prices that range from $591 to $921 per square foot. I believe $921 is extremely high for anywhere on the Island.
If you can live without the water the home on Dayton is a bargain at $450 per square foot. The six bedroom, five bathroom, 4,000 square foot home is the most expensive listing but it is the only one in the Gold Coast.
Bay Farm Island had two Million Dollar homes, one on the lagoon and the other with a bay view.
The inventory for the Million Dollar Home is very limited and in a few cases it appears to be overpriced. For all you you hard core data people here are the number:
I put together a short video for you to see the homes for sale in the seven figure range. More to say below:
Of the the 13 listing 10 had one thing in common, access to the water. Marina Drive had the most million dollar listing for a single street; four. All four of the properties face the Estuary and have boat docks. These Marina Drive homes are on the small side with square footage prices that range from $591 to $921 per square foot. I believe $921 is extremely high for anywhere on the Island.
If you can live without the water the home on Dayton is a bargain at $450 per square foot. The six bedroom, five bathroom, 4,000 square foot home is the most expensive listing but it is the only one in the Gold Coast.
Bay Farm Island had two Million Dollar homes, one on the lagoon and the other with a bay view.
The inventory for the Million Dollar Home is very limited and in a few cases it appears to be overpriced. For all you you hard core data people here are the number:
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Friday, May 8, 2009
Alameda Snapshot: KFOG Kaboom 2007
Sorry no post yesterday, I was having computer problems. This is a busy weekend with friends and family. Tomorrow night we are sailing over to KFOG's Kaboom (concert/fireworks) on and thought I would share a photo from the show two years ago. Alameda has lots of local events this weekend: Concerts at the Cove Tonight, Park Street is having its Spring Fair and Mother's Day on Sunday. Everyone enjoy the weekend.
Wednesday, May 6, 2009
A Little Late: Alameda Home Inventory
With all the sales data on Monday and the NAR numbers on Tuesday I was a little remiss in reporting the inventory data for Alameda. In a nutshell, inventory went up from the prior week, but remains in the 160-to-170 unit range for the past six weeks.
The current listings median sale price is $688,000 and the average list for this inventory is $726,456. The Island has 100 single family residences for sale and 35 condominiums.
It has been a busy week for listings, from April 27 to May 5 the Island saw 24 homes placed on the market. During that period, a new listing low price was set since I stated the blog back in November. A condo on Otis was listed for $162,900. The most interesting listing, under land for sale, is Thomsen's Garden Center and Vines. The Cafe, Garden Center and Gift shop is listed for $1,300,00 and is a long established business. It has an incredible Victorian building on the lot.
Link to Larger Version of the ChartListings for the Week
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Tuesday, May 5, 2009
More People Buying
94501 Real Estate gave you the good news for the local Alameda market yesterday at the same time there was another glimmer of a recovery as the National Association of Realtors reported the volume of signed contracts for March to buy previously occupied homes rose for the second month in a row.
So we got two months of people buying.
Homebuyers and investors are taking advantage of bargain prices, low interest rates and a tax credit that have resulted in a uptick of contract writing and purchases. Locally in Alameda we have seen very small gains and April showed a nice gain, but it is way off compared to 2008 and not even close to the number of transactions we saw from 2004-2007.
The news is not all good. Home prices are expected to keep falling for at least another year, though at a slowing pace and there are thousands of homes still in the foreclosure process and not yet on the market. If job losses continue it may keep many buyers from signing a contract for a home.
The Realtors estimate about half of existing home sales are now foreclosures and other must-sell transactions. Nevertheless, many real estate agents are counting on an $8,000 tax credit for first-time homebuyers as their best hope for boosting flagging sales. That incentive was included in the economic stimulus package passed earlier this year.
So we got two months of people buying.
Homebuyers and investors are taking advantage of bargain prices, low interest rates and a tax credit that have resulted in a uptick of contract writing and purchases. Locally in Alameda we have seen very small gains and April showed a nice gain, but it is way off compared to 2008 and not even close to the number of transactions we saw from 2004-2007.
The news is not all good. Home prices are expected to keep falling for at least another year, though at a slowing pace and there are thousands of homes still in the foreclosure process and not yet on the market. If job losses continue it may keep many buyers from signing a contract for a home.
The Realtors estimate about half of existing home sales are now foreclosures and other must-sell transactions. Nevertheless, many real estate agents are counting on an $8,000 tax credit for first-time homebuyers as their best hope for boosting flagging sales. That incentive was included in the economic stimulus package passed earlier this year.
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Monday, May 4, 2009
Alameda April Sales
April Sales for Alameda, CA has some good news, actually some very good news. Home sales for the Island were up 40-percent from the prior month. To add to the good news was 11 of the 35 sales recorded sold at or above listing price.
Total dollar volume of sales was $20,514,499 that translates into $246,174 in parcel transfer tax for the City of Alameda.
The only negative in the numbers is year-over-year sales are down 34%. Looking deeper into the yearly comparison shows that pricing continues to take a hit. In April 2009 the median sale price was $602,000 and the average sale price was $586,129. Compared to the same month in 2008, the median was $629,000 and the average $635,594.
Total dollar volume of sales was $20,514,499 that translates into $246,174 in parcel transfer tax for the City of Alameda.
The only negative in the numbers is year-over-year sales are down 34%. Looking deeper into the yearly comparison shows that pricing continues to take a hit. In April 2009 the median sale price was $602,000 and the average sale price was $586,129. Compared to the same month in 2008, the median was $629,000 and the average $635,594.
Sales for the Month
http://spreadsheets.google.com/pub?key=rN1PFyA77PzwFzQZLWQsOpQ
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Friday, May 1, 2009
Alameda Snapshot: Sailing Season
Last Weekend, was Opening Day on the Bay. Since Alameda has more boat slips than any city in Northern California, boating is a real part of our community. I will be out tonight sailing tonight at Ballena Bay, enjoying the Bay and the mild weather.
Have a great weekend.
Have a great weekend.
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