Wednesday, July 1, 2009

June Sales and Annual Sales Drop

The first half of the year is now in the books and the Preliminary sales numbers for June are ready. The year is shaping up to be a poor one for Alameda home sales. The Island is down 22-percent year-over-year for the first six months of 2009.

In 2008, from Jan 1 to June 30, Alameda closed 207 home sales. Compare that to 2009 that tallied 162 sales. June 2008 verse June 2009, sales are not much better down 15-percent. The prime selling season is not shaping up to be a good one.

The one bright spot is that month-over-month sales were up compared to a very poor May.

The sales trend shows a very interesting pattern for the month, not one property sold West of Webster. In fact of the 32 sales, early in the reporting, only five were West of Grand Street. The 94502 had a good month with 44% of Alameda’s sales. Below is a map of the sales (blue=SFR, red=Condo, green=multi-Family). Link to Map w/addresses and prices

Eleven properties (34%) sold for list or above list price. Two properties, 3042 Windsor and 1902 Chestnut, sold for 107-percent of the list price. On the other end of the spectrum, a condo at the Park Webster sold for 84-percent of list and house on Grand sold for 90-percent of list.

The median sale to list price was 98-percent. It looks as if Alameda home sellers are getting very close to list price. The condo market saw sales on median 4-percent (94%) lower than the overall market.

Both the median and average sale price was up over April. The median home price hit an11-month high reaching $607,000.

No property sold for over $900,000. The home at 15 Anderson Road sold for $850,000 and a two bedroom, one bathroom home on Stanton was purchased for $325,000.

Overall volume is a concern, but seeing the median price rise means qualified buyers are finding Jumbo loans and looking for good values. I will update the final numbers next week.

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