Alameda Inventory Update

I wanted to apologize to the regular readers of the 94501 Real Estate, I got slammed last week with the job and was unable to post most of the week. This week is no better but I will try to get five posts out even if I have to type into the wee hours of the evening.

So on to the Alameda Real Estate. . .

Alameda inventory data for the week is at the bottom of the post and you can look at the individual numbers, but the downward trend for inventory continues. With fewer homes on the market I believe the Alameda market will continue to stagnate.

This week’s low of 146 units ties a low back on February 1. This is also the fewest number of homes for sale in the 41 weeks that I have tracked Alameda home inventory.

What was also concerning to me was the increase in distressed properties for sale on the MLS. The increase was minimal, three additional properties, but none-the-less it was an increase. It shows that prices may have more room to drop.

The foreclosure and short sale properties have a median list price of $509,250. Of the 26 properties four are condominiums and 22 are single family. There are four homes under $400,000. It tells me that even at these price bargain hunters’ interest has not been peaked.

When you take a look at all other listed property the median list price is $683,500. Property at this price point becomes more difficult to find qualified buyers and acquire financing.

There is some good news, sales are up month-over-month and we will take a closer look at how August faired tomorrow.

Alameda Inventory Data

. . 8/30/2009 . Total 146 . 94501 118 . 94502 28 . SFR 98 . Condo 25 . Multi-Family 21 . Short Sale 14 . Foreclosure 12 . Price Reductions $62 . High List $1,987,000 . Low List $204,900 .

Alameda Bucks National Trends

Most of us know that Alameda is a different place to live and in the Real Estate world it does not follow state or national trends.

On Friday, the National Association of Realtors (NAR), reported home sales moved up in July, both the Bay Area and the nation, even though locally Alameda saw sales decline both month-over-month and year-over-year for the month.

The NAR is reporting sales are up for the fourth consecutive month. The Association show that sales were up 5 percent in July from a year ago to a seasonally adjusted 5.24 million units. Nationwide, it said, there is a 9.4-month supply of inventory for sale. A healthy market has about seven months of supply, so buyers still have a lot of inventory to select from in the market.

Based on yesterday’s Alameda Inventory numbers the Island has four months of inventory. The Island has been in the real estate doldrums as inventory has been depleted and sales have been slow the entire year.

DataQuick also released a report on Friday, they reviewed the nine-county Bay Area, that showed the median price for a home the Bay Area climbed month-over-month June's $360,000 median rose to a median price of $408,250 in July a 13.4 percent increase. The bad news is the median is still down 15.8 percent from a year ago when the median was $485,000.

Alameda saw a dip in the median from $599,000 in June to $582,000 in July, a three percent decrease. The year-over-year median price decrease was nine percent.

Inventory for foreclosures and low priced homes has dropped creating bidding situations. The result is intense competition for homes under $300,000 throughout the Nation driving prices up.

Alameda continues to buck the National trend in many ways, except for declining prices.

Alameda Inventory Data

. . 8/23/2009 . Total 153 . 94501 122 . 94502 31 . SFR 101 . Condo 28 . Multi-Family 22 . Short Sale 13 . Foreclosure 10 . Price Reductions $64 . High List $1,987,000 . Low List $224900 .

Alameda Snapshot: Webster Street Ad

Today's snapshot is from jayadewa of Fickr. The is a fantastic painted ad that is just off Webster street. It was restored a few years ago and is a true artistic piece on the street. I never have had a Golden Bridge Beverage, but the ad makes it look fun.

Have a great weekend.

P8096858
Originally uploaded by jayadewa