National Sales Numbers Show Promise

Here at 94501 Real Estate we reported Alameda February Sales numbers two weeks ago and it showed that the Island's sales had remained flat year-over-year, but yesterday some very encouraging National housing news was released. Sales in the United States of previously occupied homes unexpectedly  jumped up in February by the largest amount in nearly six years.

The National Association of Realtors released Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January.

It was the largest monthly sales jump since July 2003, with first-time buyers accounting for about half of all transactions.

The inventory glut created big opportunities as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties. According to a survey by Emeryville based ZipRealty first-time home-buyer tax credit may be motivated to take some action and buy a home this spring, the survey showed Sixty-two percent of first-time buyers said that the $8,000 tax credit is giving them an incentive to buy in 2009.

Economists said sales, while still at levels not seen since 1997, may finally be coming back to life after declining sharply after the stock market plunge in autumn. Prices, however, are expected to keep falling well into the year. The ZipRealty survey also showed that of those who weren't motivated by the credit, 29% think it's not enough money to make a difference, 28% didn't think they would qualify and 24% think home prices will continue to decline.

Nationally, tens of thousands of homes remain tied up in the foreclosure process and are not yet for sale and could glut the market come this summer. Add mounting job losses many buyers are likely to stay on the sidelines.

Here in Alameda the wait and see posture seems to be the case and buyers are waiting to seewhat the future brings.

UPDATE ON WEBSTER STREET LOT: Michele Ellson got the low-down on the Farmer’s Market and its status. You can read the details in today’s post.

 

Closer Look at February Home Sales

Last week, I posted February sales numbers and I wanted to take a closer look. The Alameda median home sale price is down 16% from the prior year even though the volume was almost identical, but there is a litlle good news hidden in the numbers.

The most interesting thing of the month was the median sale price was slightly higher than the median list price. A few homes sold for more than the listing price, a very good trend to stabilize the market, which gave us the small anomaly.

In 2008, the median sale price was $662,500 compared to last months $558,000. Eight of the 22 properties (36%) closed in February 2009 were sold for less than 95% of the asking price. Another eight sold between 95% and 99% of the asking price. The final six were evenly divided with three going for asking price and three above asking.

Two of the three that sold for above asking 309 Sand Beach (listing price: $540,000) and 308 Fair Haven (listing price: $535,000) were both 4 bedroom 2 bathroom homes, were sold for $45,000 and $60,000 more than the asking price.

These two properties are a good sign that this type of home has found a bottom price and there are buyer(s) willing to jump into the process.

The other interesting trend is no property listed for over $700,000 sold for asking. The five properties took from 93%-97% of what they were asking on those fancy flyers outside the house. The one million dollar sale, 12 Callan, saw the owners accept an offer 7% blow the listing price.

February 2009 median numbers were:

List Price: $557,475

Sale Price: $558,000

Bedroom: 3

Bathroom: 2

Square feet:1,522

Price per square foot: $395

Alameda February Sales

So the numbers are in and there is good news and bad.

First the good the Alameda Sales for February are higher than in 2008. The month had the first million dollar sale since October of last year (my post on Million Dollar Homes). The luxury home, 12 Callan Place, on Bay Farm found new owners which paid $1.85 Million. According to Trulia the property last sold for Sold for $990,000 on April 9, 1996

The bad is it was 2009 sales were 22 just one more than the year before and inventory on the Island grew this week to a 14-week high of 168 units as yesterday.

I think more than anything the numbers have showm that the Alameda market is tepid. Not much has changed in inventory and a sales. Something has to give, price will continue to decline as inventory gros this provide more opportunity for new buyers or the financial conditions in the market will imporove and buyers will again begin seaching for homes.

Lots of charts below: Sales for the month, Monthly Sales Trends, Weekly Inventory and New Listings

 

 February Sales

Larger Version

Sales Trend by Month

Larger Version

Weekly Inventory Numbers

8-Mar-09
Total	169
94501	133
94502	36
SFR	92
Condo	47
Multi-Family	30
Short Sale	27
Foreclosure	12
Price Reductions	66
High	$             1,795,000
Low	$                214,900

Weekly Listings

 

New Listings
Date	Address	List Price	Bed	Bath	SqF	Type	$ per SQF
3/6/2009	1527 Willow	$    724,500	0	0	N/A	MFR
3/6/2009	1626 Alameda	$ 1,145,000	0	0	N/A	MFR
3/6/2009	1305 Webster #C200	$    258,000	2	1	843	Condo	$  306.05
3/6/2009	1304 Morton	$    975,000	3	3	2,064	SFR	$  472.38
3/5/2009	538 Palace	$    435,000	3	2	1,740	SFR	$  250.00
3/5/2009	2106 Otis #C	$    307,500	2	2	1,078	Condo	$  285.25
3/5/2009	1616 Cornell	$    749,500	3	1	1,487	SFR	$  504.03
3/5/2009	104 Inverness	$    729,000	3	2	1,522	SFR	$  478.98
3/5/2009	107 Orr	$    647,000	4	3	1,740	SFR	$  371.84
3/5/2009	735 Palmera	$    998,000	3	3	2,927	SFR	$  340.96
3/5/2009	259 Capetown	$    799,000	4	3	2,388	SFR	$  334.59
3/4/2009	1170 9th #13	$    289,000	1	1	577	Condo	$  500.87
3/4/2009	12 Regulus	$    520,000	2	2	1,443	Condo	$  360.36
3/4/2009	541 King	$    645,000	3	3	1,946	SFR	$  331.45
3/3/2009	1081 Island	$    459,000	3	3	1,730	Condo	$  265.32
3/2/2009	351 Magnolia	$    699,000	4	3	2,149	SFR	$  325.27
3/1/2009	2137 Otis #102	$    350,000	2	2	1,090	Condo	$  321.10