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Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

By Pacita Dimacali

Real Estate Agent with Alain Pinel BRE 01367196

January 21, 2012 03:52 PM

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

Downtown Hayward CA offers its version of an urban experience to residents and guests who go to the ultra-modern City Hall, see movies at the new multi-screen movie theater, get a bite to eat at many restaurants that range from the ubiquitous taqueria to fine dining at Neumanali’s. Library. Hardware store. Grocery. Yup. All here. For added measure, BART is just around the corner from an enclave of newer townhouses and condos. Hayward CA City Hall

Today they had their weekly Farmer’s Market. And in summer, they have their outdoor concerts.

No wonder that at the peak of the market, many people were drawn to the new homes that were being built just around City Hall. They offered inexpensive housing, great financing, easy commute, and an semi-urbanite experience.

Then the dam burst. Like many cities, the Hayward housing market came crashing down. The following charts show the market trends for detache single family homes.

Median for Sale vs Median Sold

Looking at 2011 compared to 2010, the trend seems to be slowly on the upswing towards the end of the year.

Sold properties (and what percent were foreclosures?)

According to this chart, the number of bank owned properties sold (striped section of the chart) declined from 90 sales in December 2010 to 69 in December 2011. This could be encouraging, and may be interpreted that fewer properties are being foreclosed, too. Perhaps more short sales are being approved?

Months’ Inventory

This chart clearly illustrates low inventory of properties for sale, and the downward trend continues to a low of 1 month’s inventory as of end of December 2011. The blue line represents average days on market. This is somewhat erratic in 2011, and ended with 45-days on market at end of the year.

Unofficial Tour of Hayward

There are several landmarks --- click here for photos. Someone did a video tour of Hayward --- nice photos, but he narrated it tongue-in-cheek. If you’re easily offended, turn off the sound ;).

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dave bothell

NATIONAL REALTY CENTERS - Westland, MI

its amazing when you think about it! 90% of my own sales were bank owned,but it is what it is! i sold a bunch of them!

Jan 21, 2012 03:54 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Dave ---

The good thing is that more buyers can now afford to buy. Maybe the real estate market is on the way to recovery.

The bad thing is that many homeowners lost their home to foreclosure. And it will take them a long time to get back on track with their credit history.

Thanks for stopping by.

Jan 21, 2012 03:56 PM

Marge Piwowarski

Phoenix AZ Horse Property - Phoenix, AZ

Phoenix AZ Horse Property, LLC

Pacita, Those numbers look like a lot we have in the Phoenix area, but our foreclosure notices are waay down and two thirds of the forclosures auctioned are now purchased by third parties instead of going back to the bank. There will be an end.

Jan 21, 2012 04:45 PM

Juli Vosmik

Dominion Fine Properties - Scottsdale, AZ

Scottsdale/Cave Creek, AZ real estate 480-710-0739

Pacita - with the lower inventoryof home for sale in Hayward, CA, the real estate market should be seeing even more improvement in values. Real estate values are cyclable, for sure, but they always come back and improve, as all of the statistics will bear out. Great job on all of the research you did on your Hayward, CA real estate.

Jan 21, 2012 05:01 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

Looking back 5 years, who could have imagined what would be happening today? The percentage of property sold that is distressed or bank owned today would never have been believed back then.

Jan 21, 2012 05:34 PM

Marge -- I'm glad to see the foreclosures coming down. To me it signals that more short sales are being approved which means good needs to homeowners who want to preserve as much of their credit worthiness as possible.

Juli --- it's low inventories everywhere. The market values haven't risen --- yet --- and they probably won't be back where they were for a long time. In Hayward, values have dropped around 40-50%.

Doug --- these are unusual times, the likes of which we've never seen. Seems like each generation sees something unique. Remember the 80s when mortgage interest rates hovered as high as 17-22%?

Jan 21, 2012 05:38 PM

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

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