Boom: Revised June Sales Pops

Bang! I am sure you heard several cracks, booms and bangs over the Forth of July weekend, and along with the celebration the Alameda Real Estate market had a last minute pop of closed sales to boost the month.

With twelve additional sales posted to the Multiple Listing Service (MLS) over the long weekend it was cause for celebration. The last minute surge would take May from a very below performing to flat year-over-year with 41 sales in both 2008 and 2009.

The only down side to the revised numbers is median sale to list price drop from 98-percent to 97-percent. And the median sales price dropped from $607,000 to $599,000.

But overall it shows that sales are beginning to moving. The last minute sales impacted overall inventory.

The total number of units for sale dropped 12-units to 161.

. Sale Date Address Type List Price Sale Price % . 6/2/2009 153 PAYOT CT SFR $519900 $489000 94% . 6/2/2009 14 REDONDO CT CONDO $540000 $510000 94% . 6/5/2009 248 CHESWICK COURT SFR $624900 $625000 100% . 6/5/2009 632 SANDALWOOD ISLE SFR $750000 $735000 98% . 6/5/2009 1810 HIBBARD STREET SFR $469000 $436000 93% . 6/9/2009 807 SANTA CLARA AVE SFR $445000 $471000 106% . 6/10/2009 1639 PEARL STREET SFR $749000 $740000 99% . 6/10/2009 35 MCDONNEL ROAD SFR $609000 $589000 97% . 6/11/2009 1902 CHESTNUT ST MFR $658000 $703000 107% . 6/11/2009 15 ANDERSON ROAD SFR $899000 $850000 95% . 6/12/2009 2137 OTIS DRIVE #102 CONDO $350000 $325000 93% . 6/12/2009 17 TIPPERARY CT SFR $838000 $800000 95% . 6/12/2009 10 CHATHAM PT SFR $739000 $735000 99% . 6/15/2009 1812 MULBERRY STREET SFR $615000 $610000 99% . 6/16/2009 31 OAK PARK DR CONDO $499000 $500000 100% . 6/16/2009 3042 WINDSOR DR SFR $564900 $605000 107% . 6/18/2009 2135 BUENA VISTA AVE MFR $769000 $719000 93% . 6/18/2009 22 MILLINGTON COURT SFR $638000 $620000 97% . 6/18/2009 126 PURCELL DR SFR $739000 $751000 102% . 6/19/2009 2135 BUENA VISTA AVE SFR $769000 $719000 93% . 6/19/2009 1072 JOST LN CONDO $419000 $416890 99% . 6/19/2009 1641 KOFMAN PKWY SFR $818000 $795000 97% . 6/22/2009 1530 GRAND ST SFR $529000 $475000 90% . 6/24/2009 1187 HILLERY WAY SFR $609000 $609000 100% . 6/24/2009 2616 BUENA VISTA AVE SFR $685000 $710000 104% . 6/25/2009 116 BANNISTER WAY SFR $499000 $465000 93% . 6/25/2009 2524 EAGLE AVE SFR $499000 $511000 102% . 6/25/2009 965 SHOREPOINT COURT #208 CONDO $329000 $310000 94% . 6/26/2009 1333 WEBSTER ST #A300 CONDO $298000 $250500 84% . 6/26/2009 1613 STANTON ST SFR $329900 $325000 99% . 6/26/2009 1201 CENTRAL AVE SFR $599000 $575000 96% . 6/26/2009 1081 ISLAND DR CONDO $449000 $425000 95% . 6/26/2009 1546 PEARL ST SFR $789000 $760000 96% . 6/26/2009 2919 WINDSOR DR SFR $620000 $633000 102% . 6/26/2009 1088 MELROSE AVE CONDO $469000 $440000 94% . 6/30/2009 928 WILLOW STREET SFR $769900 $735000 95% . 6/30/2009 2843 MADISON ST SFR $599000 $599000 100% . 6/30/2009 111 JUSTIN CIR SFR $699000 $701000 100% . 6/30/2009 965 SHOREPOINT CT #211 CONDO $169900 $191000 112% . 6/30/2009 3324 FIR AVE CONDO $488880 $474888 97% . 6/30/2009 81 MAITLAND DRIVE MFR $550000 $490000 89%

Inventory Data

. 7/5/2009 . Total 161 . 94501 132 . 94502 29 . SFR 96 . Condo 36 . Multi-Family 27 . Short Sale 12 . Foreclosure 8 . Price Reductions 61 . High List $2,345,000 . Low List $215,000 .

June Sales and Annual Sales Drop

The first half of the year is now in the books and the Preliminary sales numbers for June are ready. The year is shaping up to be a poor one for Alameda home sales. The Island is down 22-percent year-over-year for the first six months of 2009.

In 2008, from Jan 1 to June 30, Alameda closed 207 home sales. Compare that to 2009 that tallied 162 sales. June 2008 verse June 2009, sales are not much better down 15-percent. The prime selling season is not shaping up to be a good one.

The one bright spot is that month-over-month sales were up compared to a very poor May.

The sales trend shows a very interesting pattern for the month, not one property sold West of Webster. In fact of the 32 sales, early in the reporting, only five were West of Grand Street. The 94502 had a good month with 44% of Alameda’s sales. Below is a map of the sales (blue=SFR, red=Condo, green=multi-Family). Link to Map w/addresses and prices



Eleven properties (34%) sold for list or above list price. Two properties, 3042 Windsor and 1902 Chestnut, sold for 107-percent of the list price. On the other end of the spectrum, a condo at the Park Webster sold for 84-percent of list and house on Grand sold for 90-percent of list.

The median sale to list price was 98-percent. It looks as if Alameda home sellers are getting very close to list price. The condo market saw sales on median 4-percent (94%) lower than the overall market.

Both the median and average sale price was up over April. The median home price hit an11-month high reaching $607,000.

No property sold for over $900,000. The home at 15 Anderson Road sold for $850,000 and a two bedroom, one bathroom home on Stanton was purchased for $325,000.

Overall volume is a concern, but seeing the median price rise means qualified buyers are finding Jumbo loans and looking for good values. I will update the final numbers next week.