Thursday, November 5, 2009

Closer Look and Update: October Sales

After yesterday’s good sales news for the Alameda housing market, I wanted to dive into the numbers a little deeper.

First and update of yesterday numbers, a couple more sales recorded from yesterday to today, so the total is now up to 68 units sold. The dollar volume is almost $40 million in property. Recorded MLS sales for the first 10 months are 403.

This past month distressed properties accounted for 11 of the 68 sales or 16.2 percent of the total properties sold. For the year (January to October), distressed properties accounted for 22.1 percent of the sales. Foreclosures sold at almost 2 to 1 over short sales; 59 and 30.

In terms of dollar volume the Island saw a 23 percent increase in the value of property sold. If you look at January, October was nearly $29 million in the terms of dollar volume.

2009 Sales Volume by Dollars

Link to Lager Chart

This is really exciting news overall for the Alameda market.

The sales trend could also continue in the next few months. The US Senate moved yesterday to extend the home buyers credit. The difference in the extension is they have included step-up buyers and increase the income limit.

If the bill is signed as is, this will open up a whole new group of people that now qualify for the credit. It could possible stimulate more sales.

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