September Home Sales in Alameda Start Slow

Alameda September home sales are tracking for a big decline in both month-over-month and year-over year sales. With just 11 sales recorded so far this month the Island is pacing at 23 sales for the month, this would be a huge decline over the 55 sale in September 2009.


At the current pace, Alameda is looking at a decline of 48-percent in two of its three most productive sales months. The months of August, September and October was Alameda's best sales period in 2009. During that three month span 186 properties were sold. Given that August 2010 had 20 fewer sales than '09 and September is pacing to have the same reduction the final totals for 2010 could be very dismal.


There are some positives in the recent sales both median and average sale price are up over September 2009 and five of the 11 homes that sold went for above the list price. September 2009 median sales prices was $517,000 and the average was $558,335 compared to $589,301 and $571,500 respectively.


September Sales to date:

Sale Date	Address	City	Zip	Type	Beds	Baths	SQ Feet	List Price	Sale Price	%
01-Sep-10	2610 OTIS DR	Alameda	94501	SFR	3	1	2023	$325,000	$350,000	107.69%
02-Sep-10	1944 OTIS DR	Alameda	94501	SFR	4	2	2029	$649,000	$657,500	101.31%
02-Sep-10	118 PURCELL DR	Alameda	94502	SFR	2	2	1526	$659,000	$655,000	99.39%
03-Sep-10	1325 SAINT CHARLES	Alameda	94501	SFR	3	2	1842	$724,000	$704,000	97.24%
03-Sep-10	2625 JANIS CIRCLE	Alameda	94501	MFR	0	0		$698,000	$660,000	94.56%
07-Sep-10	202 CHINABERRY LN	Alameda	94502	TNHS	4	2	2018	$516,900	$515,000	99.63%
08-Sep-10	447 SANTA CLARA	Alameda	94501	MFR	0	0		$419,000	$435,000	103.82%
09-Sep-10	630 TARRYTON ISLE	Alameda	94501	SFR	4	2	1841	$699,000	$710,000	101.57%
09-Sep-10	2931 WINDSOR DRIVE	Alameda	94501	SFR	2	1	1198	$576,000	$585,000	101.56%
10-Sep-10	2722 BAYVIEW DRIVE	Alameda	94501	SFR	3	2	1716	$629,500	$615,000	97.70%
10-Sep-10	1033 TAYLOR AVE	Alameda	94501	MFR	0	0		$499,000	$400,000	80.16%

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.