In just seven days, Alameda Home Inventory grew 7-percent and is closing in on 200 units for the first time since I started tracking the data in 2008. The total number of units is just 13 new properties for sale, but the trend is showing that sales on the Island are not matching the rate of sale.
The more concerning number is the growth of foreclosures. Alameda saw four more foreclosed homes come to the market: 73 Sand Harbor, 1005 Verdemar Dr, 1139 Pacific Ave and 2133 Clinton Ave. There was a net gain of three foreclosed units week-over-week.
The foreclosure pipeline looks to be very full and the trend appears to be rising. According to RealtyTrac, Alameda has 282 homes in the foreclosure process; 215 in the 94501 and 67 in the 94502. Of those the bulk, 144 units, are still in the pre-foreclosure process, 99 are at the auction stage and 39 are banked owned.
If the RealtyTrac numbers are accurate, then the banks are still sitting on inventory. If you add in the additional distressed properties then the Alameda Inventory is roughly 316 units, nearly 10-percent of all the Alameda's housing stock.
The positive is Alameda is in better shape than most of the country. The Island had just one in every 423 housing units received a foreclosure filing in July 2010. That is on the low end of the spectrum. Some parts of the country and the Bay Area are seeing nearly, twice as many filings, 1-244 is the higher ends. The Nation's number one foreclosure market Las Vegas, NV had one filing for every 71 households and the state of Nevada one filing for every 82 households.
The housing market looks like it is going to be very bumpy over the next several months and the distressed properties is good indicator to monitor as we head towards 2011.
Inventory
| Date: September 13, 2010 | 9/13/10 | 9/6/10 | Weekly Change |
| Total Inventory | 198 | 185 | 13 |
| 94501 | 148 | 140 | 8 |
| 94502 | 50 | 45 | 5 |
| Single Family | 109 | 99 | 10 |
| Condos | 60 | 55 | 5 |
| Multi-Family | 27 | 29 | (2) |
| Foreclosure | 20 | 17 | 3 |
| Short Sale | 21 | 22 | (1) |
| Price Reduced | 79 | 72 | 7 |
| % of Price Reduced | 39.90% | 38.92% | 0.98% |
| High List | $1,835,000 | $1,835,000 | |
| Low List | $149,888 | $149,888 |
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