Snap Shot of Alameda real estate market - June 24, 2013 to July 1, 2013
This is a snapshot of the Alameda real estate market activity June 24, 2013 to July 1, 2013:
Last week’s totals as compared with previous weeks........6/24/2013 7/1/2013
New homes on the market.........................................................13...............9
Price changes...............................................................................6...............1
Homes that sold.........................................................................18…..........14
Pending activity - all not just last week.........................................90............91
All properties currently on the market..........................................48.............41
Condos currently on the market....................................................7..............5
Townhouses currently on the market.............................................7..............9
Distressed properties:
Bank Owned properties..................................................................1.............2
Short Sales....................................................................................2.............1
Average days on the market.........................................................11...........11
(including distressed properties)
Average sales price of single family homes..........................$560,000......$591,050
If homes are priced correctly and are in good condition they sell quickly as indicated by the average days on the market of 11 this week Some homes take longer, primarily because they are price too high. A case in point is 1626 Alameda Avenue, a two unit, very attractive home, which was originally put on the market way back in 2002 for $1,150,000. It was listed at various times for a high of $1,195,000 down to the sales price of $949,000. The home was listed by at least 12 agents during 11 years and finally sold for $935,000. Sellers must listen to their agent's counseling about price if they want to sell their home quickly. An agent’s job is to advise an owner of a price to make a home attractive to many qualified buyers.
The number of properties on the market today is 41. As soon as homes come on the market, they quickly become pending. That is why the number of pending properties remains constant in the 90s. The average days on the market of 11 days is evidence of how quickly homes have been selling.
This trend is making the market particularly difficult for first-time home buyers. Most homes are selling above their asking price. Fortunately, more properties are coming on the market and that means homeowners are coming to the realization that now is the time to sell a home.
Some buyers are dropping out of the market. Rising interest rates are bumping some buyers out of the market. Some are frustrated because they keep making offers and losing. Buyers need to realize that it’s normal for even smart and aggressive buyers to lose out on a few homes. Find an agent who will lead you through the process and listen to their suggestions. It takes a learning curve before buyers are the successful bidder in a multiple offer situation.
The Alameda market features many older homes which may need repairs. The trend is for the successful bidder to take the home in its “as is” condition. That means a successful buyer may pay top dollar and agree to take responsibility for a pest inspection report of $10,000 to $20,000. Buyers may also agree to take on aging plumbing and basic wiring. But that is the reality of what it takes to be successful in the current Alameda market.
The snapshot of the Alameda market shows that the number of new homes
on the market are keeping fairly level. Pending activity has remained constant 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 decreased from $560,000 the previous week to the current week’s sales price of $591,050. 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 even though interest rates have risen above 4%. The low inventory may be the only impediment to finding a home. 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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