Alameda Inventory Up to 14 Week High

June has brought the Alameda Real Estate market two trends, an increase in inventory and more price reductions. Inventory has been building at a moderate pace and has reached a 14-week high. Home sellers that have reduced their property at least once in the sale reached a four week high.

Inventory for the Island reached 173 units; the low was back on February 1 when the inventory dropped to 146 units. The inventory average days on market is 70.

Although inventory has been increasing the numbers have been small, it appears that the basically sales and new listings have been in balanced. As homes sell about the same number have come on the market.

This trend leaves the Alameda markets very stagnate. Unlike most of the state where Existing, single-family home sales increased 35.2 percent in May to a seasonally adjusted rate of 556,590 on an annualized basis.

This doldrums that the Alameda market has drifted in is due to the limited inventory and the high median home price. Alameda’s median home price in April was $592,500 and May $555,000, a month-over-month decline of 7-percent. The statewide median price of an existing single-family home increased 4.2 percent in May to $267,570, compared with April 2009.

Home sales increased 35.2 percent in May in California compared with the same period a year ago, while the median price of an existing home declined 30.4 percent, the California Association of Realtors (C.A.R.) reported.

Closed escrow sales of existing, single-family detached homes in California totaled 556,590 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local associations statewide. Statewide home resale activity increased 35.2 percent from the revised 411,770 sales pace recorded in May 2008. Sales in May 2009 increased 2.9 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.CAR’s Unsold Inventory Index for existing, single-family detached homes in May 2009 was 4.2 months, compared with 8.7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

For Alameda inventory is at 6.6 months at current sales levels.

Link to Larger Chart



New Listings for June 21-27

. 6/21/2009 3341 FERNSIDE BLVD $1,295,000 . 6/22/2009 1227 BROADWAY $514,500 . 6/22/2009 2101 SHORELINE DR #259 $395,000 . 6/22/2009 2101 SHORELINE DR #480 $410,000 . 6/22/2009 3268 WASHINGTON STREET $625,000 . 6/24/2009 1337 PEARL ST $1,600,000 . 6/24/2009 3257 ADAMS ST $550,000 . 6/24/2009 617 PACIFIC AVENUE #D $399,000 . 6/25/2009 1103 BROADWAY $442,900 . 6/26/2009 1810 CLINTON AVE $785,000 . 6/26/2009 390 TUCKER AVE $693,000 . 6/27/2009 2068 CENTRAL AVE $749,000 . 6/27/2009 2429 BUENA VISTA AVE $459,000 .

Alameda Inventory: June 28, 2009

. 6/28/2009 . Total 173 . 94501 140 . 94502 33 . SFR 103 . Condo 40 . Multi-Family 28 . Short Sale 12 . Foreclosure 10 . Price Reductions 60 . High List $2345000 . Low List $215000 .