Tuesday, September 7, 2010

Alameda Inventory: 31-Percent Growth Over Last Year

Alameda home inventory has been steadily growing since the beginning of the year, when the Island was well below a 100 units of housing for sale. Over the past eight months inventory seem to be stuck in the 130 range, but began to grow again and with the end of the Federal tax credit, and the traditional selling season.

Since both of those milestones have passed it is good to reflect back and see how the market has changed.

Enter the Fall of 2009, there was a downward trend in inventory after peaking in July and bottoming at 131 units during the first week of September. The lack of inventory continued well into 2010 and lag for most of the year.

Inventory is now at 185 units, this is a growth of of 31-percent from September 2009. The largest growth came in the condominium market that more than doubled. The condo market has struggled over the past two years as evident with 11 condos listed at $250,000 or below. Three of those units are in the Park Webster complex at the foot of Webster Street. The Woodstock Coop (townhouse) also has two listed under the $250,000.

The distressed market has also grown over the past year. The most concerning is the growth of Short Sales. Short Sales is the seller's attempt to sell the home for less than they owe on the property. The number of short sales double from the prior year. The properties range from $149,888 to $720,000.

Date: Septemer 6, 2010 Sep-10 Sep-09 Change
Total Inventory 185 131 54
94501 140 104 36
94502 45 27 18
Single Family 99 86 13
Condos 55 26 29
Multi-Family 29 17 12
Foreclosure 17 12 5
Short Sale 21 10 11
Price Reduced 72 47 25
% of Price Reduced 38.92% 35.88% 3.04%
High List  $1,835,000  $1,899,000
Low List  $149,888  $204,900

Note: The inventory includes to parcels of land for sale. 

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