Snap Shot of Alameda real estate market - March 18, 2013 to March 25, 2013
This is a snapshot of the Alameda real estate market activity March 18, 2013 to March 25, 2013:
Statistics for the week of...........................................3/18/2013.....3/25/2013
New homes on the market........................................................10.............18
Price changes..............................................................................1...............2
Homes that sold.........................................................................9 …...........4
Pending activity - all not just last week.......................................71............84
All properties currently on the market.........................................31............34
Condos currently on the market...................................................3..............5
Townhouses currently on the market............................................6..............7
Distressed properties:
Bank Owned properties.................................................................3.............4
Short Sales...................................................................................2.............2
Average days on the market........................................................21...........34
(including distressed properties)
Average sales price of single family homes..........................$402,125....$489,400
The California Association of REALTORS® recently reported that nearly six in 10 homes were selling with multiple offers because of tight inventories. My listing at 759 Haight Avenue received 14 offer all of which were over the asking price. The sales prices of $470,000 was nearly 18% higher than the asking price of $399,000. It is not common for offers to exceed $100,000 over the asking price.
This trend is making the market particularly difficult for first-time home buyers. Most homes are selling without a discount, which marks the highest number since 2005. Home owners are coming to the realization that NOW is the time to sell a home.
According to realtor.com data, San Francisco Bay Area ranked second for list price appreciation, with a 8.9 percent month-over-month jump in median list price in February.
The snapshot of the Alameda market shows that the number of new homes on the market are slowly increasing. Pending activity remains virtually the same for several months. As properties come on the market they quickly becoming pending usually with multiple offers and an escalation of the sales price.
Average sales price has increased from $402,125 the previous week to the current week’s sales price of $489,400. The fluctuation in closing sales price relates to the prices of those homes closed. A snapshot of the Alameda real estate market does not show a true picture of the market trend. More time is needed to determine trends. The average days on the market jumped 2 fold from last month and that is probably due to short sales closing. Short sales typically take 6 to 9 months.
Prices have climbed but there are still good values in Alameda.This is still a good time to be looking for a home since interest rates are very low in 3.5% - 4.0% range. The low inventory may be the only impediment to finding a home. Alameda is a desirable place to live. However, new homes have continually come on the market this summer. Buyers need to have an agent who watches the market frequently and knows what is available now.
My snap shot of the Alameda real estate market reports are important and provide valuable information over the long run. But, if you want to know your property’s current market value, or what you should offer on a particular property, you need a Comparative Market Analysis which will comparelike properties; apples to apples and oranges to oranges.
Looking for a home in the Alameda? I have lived in Alameda for nearly 40 years. I know the market and can help you buy a home in Alameda. I can send an email to you every day of any new activity on the market. Call or text me at 510-504-5612. Follow me on my Facebook pages Living in Alameda and 101 Things to Do in Alameda.
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