Snap Shot of Alameda real estate market - July 22, 2013 to July 29, 2013
This is a snapshot of the Alameda real estate market activity July 15, 2013 to July 22, 2013:
Last week’s totals as compared with previous weeks...........7/22/2013 7/29/2013
New homes on the market..........................................................18.............13
Price changes...............................................................................7................4
Homes that sold.........................................................................11…...........13
Pending activity - all not just last week........................................86..............90
All properties currently on the market..........................................44..............36
Condos currently on the market....................................................8................5
Townhouses currently on the market.............................................3................3
Distressed properties:
Bank Owned properties..................................................................2...............2
Short Sales....................................................................................1...............2
Average days on the market.........................................................20.............20
(including distressed properties)
Average sales price of single family homes..........................$602,000......$606,253
Trullia’s survey of the 7 Serious Worries of Today’s Home Buyers shows that buyers worst fears concern bank rates. Since rates spiked over 5% last month buyers are realizing that if they are serious about buying now is the time. The second fear addresses the fact that prices are going up so fast that they be priced out of the market.
House Hunting Worries |
|||
|
Overall |
In hottest markets |
Planning to buy in next 12 months |
|
|
Mortgage interest rates would rise before I buy |
41% |
45% |
43% |
|
Home prices would rise before I buy |
37% |
42% |
38% |
|
I would not find a home for sale that I like |
36% |
38% |
43% |
|
I would not qualify for a mortgage |
30% |
25% |
25% |
|
I would have to compete with many other buyers for the home I wanted most |
27% |
33% |
32% |
|
Home prices would fall after I buy |
25% |
30% |
21% |
|
I would have to decide on a home very quickly because homes for sale are not staying on the market for long |
19% |
26% |
30%
|
The number of properties on the market Monday, July 29 was 36. 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 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 increased from $602,000 the previous week to the current week’s sales price of $606,253. 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.
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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