Monday, August 24, 2009

Alameda Bucks National Trends

Most of us know that Alameda is a different place to live and in the Real Estate world it does not follow state or national trends.

On Friday, the National Association of Realtors (NAR), reported home sales moved up in July, both the Bay Area and the nation, even though locally Alameda saw sales decline both month-over-month and year-over-year for the month.

The NAR is reporting sales are up for the fourth consecutive month. The Association show that sales were up 5 percent in July from a year ago to a seasonally adjusted 5.24 million units. Nationwide, it said, there is a 9.4-month supply of inventory for sale. A healthy market has about seven months of supply, so buyers still have a lot of inventory to select from in the market.

Based on yesterday’s Alameda Inventory numbers the Island has four months of inventory. The Island has been in the real estate doldrums as inventory has been depleted and sales have been slow the entire year.

DataQuick also released a report on Friday, they reviewed the nine-county Bay Area, that showed the median price for a home the Bay Area climbed month-over-month June's $360,000 median rose to a median price of $408,250 in July a 13.4 percent increase. The bad news is the median is still down 15.8 percent from a year ago when the median was $485,000.

Alameda saw a dip in the median from $599,000 in June to $582,000 in July, a three percent decrease. The year-over-year median price decrease was nine percent.

Inventory for foreclosures and low priced homes has dropped creating bidding situations. The result is intense competition for homes under $300,000 throughout the Nation driving prices up.

Alameda continues to buck the National trend in many ways, except for declining prices.


Alameda Inventory Data


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8/23/2009

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Total 153

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94501 122

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94502 31

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SFR 101

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Condo 28

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Multi-Family 22

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Short Sale 13

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Foreclosure 10

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Price Reductions $64

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High List $1,987,000

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Low List $224900

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