Foreclosures and Short sales in Alameda CA 1st Quarter 2012 - Market report
Alameda, CA. 
Whether one is a buyer, seller or current resident of Alameda CA, it is important to know the current market conditions that may factor in one’s decision regarding where one wants to live.
Alameda is a wonderful island city in the East Bay.
From Alameda’s Shoreline Drive, one has fabulous views of San Francisco that is a short drive over the Bay Bridge. We have the oft-desired amenities of incredible weather, great schools, historic and cultural heritage, diversity, beautiful parks, and more.
SOLD
From January 1 through April 23, 2012, there were 106 residential properties that closed escrow. Here’s a closer look.
|
Total Sales |
Regular Sales |
Short Sales |
REO of Bank-owned |
|
106 |
73 or 69% of total |
12 or 11% of total |
21 or 20% of total |
What’s encouraging is to see that some short sales were successful.
What’s disheartening is that some people lost their homes to foreclosures, which makes us wonder if these people attempted a short sale, or did they just give up?
What’s causing concern is that distressed properties (short sales and foreclosures) comprise 31% of total sales, when less than two years ago, distressed properties were approximately 20% of total sales.
PENDING and ACTIVE
As of this writing, here’s what the market looks like
|
Total listings |
Regular sales |
Short Sales |
REO (bank owned) |
|
Active - 81 |
51 |
14 |
16 |
|
Pending - 121 |
56 |
50 |
15 |
|
Total - 202 |
107 |
64 or 32% of total |
31 or 15% of total |
Regular sales still comprise the bulk of listings.
Regular sales and short sales are nearly even among the pending (in contract) listings. This suggests that more property owners are turning to short sales to resolve their financial situation.
However, it’s an eye-opener to see that distressed properties are 47% of total active and pending listings. Home prices are virtually where they were in 2003 and these present opportunities for home buyers to buy a home in this wonderful city.
Home buyers should also know that they are not alone in reaching this conclusion, based on the multiple offers we are seeing on homes that are priced well, in good condition and in desired locations.
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