Increase in Alameda Foreclosures

Since the Fourth of July several new distressed properties were placed on the Alameda Real Estate market. In this one week period, foreclosures increased 43-percent with banked owned properties increasing from eight to fourteen.

In terms of the total inventory, foreclosures make up eight percent of the housing stock currently for sale on the Multiple Listing Service.

Adding to the distressed market was the addition of one more short sale. The three bedroom home at 1542 Sherman is now listed at $525,000. According to Zillow the home estimated value is $559,000 and is valued between $458,380-$609,310. The property has lost $3,000 in value the last 30 days.

Since the beginning of the year Alameda has recorded the sale of 47 properties that were in the distressed category. Of the 195 properties that have changed hands foreclosures account for 17 percent and short sales 7 percent of the total sales. That is nearly a quarter of all homes are in the distressed category.

Alameda foreclosure sales in 2009 represent nearly $15 Million in sales. The median sale price for an Alameda Foreclosure is $462,500 and the banks are getting roughly 98 percent of the asking price. The home that garnered the highest sale price at foreclosure was 601 Fortress Isle that sold for $738,000. The least expensive property was a condominium at the Park Webster that sold for $150,000.

Five properties sold for under $200,000; all were condominiums. Sixteen properties sold between $200,000 and $500,000 and 12 properties sold for over $500,000.

Short sales accounted for just over $6 Million in sales. The median sale price was $465,000. All thirteen properties sold between $330,000 and $680,000.

There appears to be more distressed properties heading to the market. RealtyTrac lists 71 properties that are Banked Owned, 60 that are a Trustee Sale (Auction) and a whopping 104 properties in pre-foreclosure.

With this type of data this week it looks like the Alameda market will need some time to clear out inventory.

Inventory Data for the Week

. 7/12/2009 . Total 175 . 94501 141 . 94502 34 . SFR 106 . Condo 40 . Multi-Family 27 . Short Sale 11 . Foreclosure 14 . Price Reductions 58 . High List 2488905 . Low List 215000 .