May Sales for Alameda Down

The May sales for Alameda were just 26 for the month (chart below), a year-over-year decline of 37% and a month-over-month decline of 26%. The numbers are showing that currently there is not much interest in the Island housing market. Five of the last six months sales were below 30-units.

Alameda has not follow the national trends in regards to foreclosures, declining values and sales volume. Yesterday, the National Association of Realtors announced pending home sales for April that had a dramatic increase. Alameda had a nice increase for April but followed with a big decline. The number of home buyers who agreed entered into a contract to buy resale home rose to its highest level in nearly eight years in April and the median sales price dropped by about 15 percent.

The pending contract number far exceeding analysts' forecasts with NAR's seasonally adjusted index rose 6.7 percent, to 90.3, . It was the biggest monthly increase since October 2001, when pending sales rose 9.2 percent. The increase most likely reflects big declines in pricing and the first wave of home buyers that took advantage of the $8,000 tax credit that was included in the economic stimulus bill.

With the tax credit deadline looming NAR expects sales to ramp up by the November 30 date to claim the credit.

''we expect greater activity in the months ahead,'' Lawrence Yun, the chief
economist of the National Association of Realtors, said in a statement.

The sales of low-end foreclosures and short sale homes drove the national median sales price down 15 percent for April from the prior year, to $170,200. That was the second-largest yearly price drop on record, according to the association. Alameda's median home price hit bottom in January at $457,000 and has fluctuated in the $500K range in the following months.



Link to larger chart

. Sale Date Address Zip Type List Price Sale Price % Sq Ft . 5/1/2009 351 MAGNOLIA DR 94502 SFR $699000 $670000 96% $312 . 5/4/2009 1535 LINCOLN LN 94501 SFR $589000 $570000 97% $386 . 5/5/2009 30 AUGHINBAUGH WAY 94502 CONDO $630000 $586000 93% $387 . 5/7/2009 1420 FERNSIDE BLVD 94501 SFR $659000 $630000 96% $402 . 5/12/2009 1311 WEBSTER ST. #E118 94501 CONDO $235000 $235000 100% $279 . 5/13/2009 47 BANNISTER WAY 94502 SFR $639000 $605000 95% $341 . 5/14/2009 104 INVERNESS WAY 94502 SFR $729000 $688000 94% $452 . 5/14/2009 3001 FLORA VISTA 94502 CONDO $489000 $489000 100% $300 . 5/14/2009 1030 BROADWAY 94501 SFR $585000 $555000 95% $550 . 5/14/2009 15 OAK PARK 94502 CONDO $549000 $500000 91% $302 . 5/15/2009 1917 KITTY HAWK PL 94501 SFR $599000 $602000 101% $411 . 5/15/2009 39 LAWRENCE ROAD 94502 SFR $929000 $860000 93% $358 . 5/15/2009 549 SANTA CLARA 94501 MFR $595000 $520000 87% N/A . 5/15/2009 951 POST ST 94501 SFR $395000 $395000 100% $298 . 5/15/2009 1810 CENTRAL AVE #310 94501 CONDO $418000 $415000 99% $355 . 5/15/2009 992 POST ST 94501 SFR $535000 $546000 102% $541 . 5/15/2009 2709 CENTRAL AVE #A 94501 CONDO $335000 $336000 100% $352 . 5/18/2009 1128 ADMIRALTY LN 94502 CONDO $469000 $469000 100% $286 . 5/19/2009 2207 SANTA CLARA AVE. 94501 MFR $728000 $686500 94% N/A . 5/19/2009 2205 SANTA CLARA AVE. 94501 SFR $728000 $686500 94% $264 . 5/21/2009 1305 WEBSTER ST #C200 94501 CONDO $258000 $258000 100% $306 . 5/22/2009 1901 EAGLE AVENUE 94501 SFR $499000 $540000 108% $367 . 5/22/2009 1132 BROADWAY 94501 SFR $525000 $582000 111% $342 . 5/27/2009 2101 SHORELINE DR #344 94501 CONDO $424000 $424000 100% $289 . 5/27/2009 2117 ENCINAL 94501 SFR $579900 $605000 104% N/A . 5/29/2009 258 JACK LONDON AVE 94501 SFR $750000 $680000 91% $268 . Average $560381 $543577 98% $354 .