Alameda inventory continues to fall and has come oh so close to falling below a 100 units. As of today, the inventory stands at 102 units. If you compare this to last year, December 29, the Island had 157 units for sale; a decline of 35 percent.
Because inventory continues to decline, the properties that remain, are those that are more difficult to sell. Thirty seven of the properties have been on the market more than 90 days and of the current listings 24 properties were listed in December. The number of distressed properties continues to dominate the inventory.
This week, 37 percent of the inventory was a distressed property. You can see in the chart, that as inventory declines the percent of distressed increased over the past four weeks.
For those searching for a single family residence the choices are becoming very slim with just 56 homes for sale. If you are looking in the 94502, Bay Farm has just 10 homes available for sale.
It appears that investors are trying to sell multi-family buildings with 24 units now available. Seven of those properties, 29 percent, are distressed properties.
So as we gear up for the New Year and New Decade, I expect that the inventory numbers will begin to climb. It will be important to see how single family residence enter the market and how they are valued by buyers. If the market is changing, then this is the segment that we best to gauge how strong the housing recovery is for Alameda.
Alameda Real Estate Inventory
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