Alameda Inventory Update

I wanted to apologize to the regular readers of the 94501 Real Estate, I got slammed last week with the job and was unable to post most of the week. This week is no better but I will try to get five posts out even if I have to type into the wee hours of the evening.

So on to the Alameda Real Estate. . .

Alameda inventory data for the week is at the bottom of the post and you can look at the individual numbers, but the downward trend for inventory continues. With fewer homes on the market I believe the Alameda market will continue to stagnate.

This week’s low of 146 units ties a low back on February 1. This is also the fewest number of homes for sale in the 41 weeks that I have tracked Alameda home inventory.

What was also concerning to me was the increase in distressed properties for sale on the MLS. The increase was minimal, three additional properties, but none-the-less it was an increase. It shows that prices may have more room to drop.

The foreclosure and short sale properties have a median list price of $509,250. Of the 26 properties four are condominiums and 22 are single family. There are four homes under $400,000. It tells me that even at these price bargain hunters’ interest has not been peaked.

When you take a look at all other listed property the median list price is $683,500. Property at this price point becomes more difficult to find qualified buyers and acquire financing.

There is some good news, sales are up month-over-month and we will take a closer look at how August faired tomorrow.

Alameda Inventory Data

. . 8/30/2009 . Total 146 . 94501 118 . 94502 28 . SFR 98 . Condo 25 . Multi-Family 21 . Short Sale 14 . Foreclosure 12 . Price Reductions $62 . High List $1,987,000 . Low List $204,900 .