PIEDMONT CA FORECLOSURES? Say it ain't so!

By
Real Estate Agent with Alain Pinel BRE 01367196

Piedmont CA is one of the premier locations in the East Bay, much sought after due to its charm, location, wealth of architectural styles, neighborhood amenities, and most especially --- as any parent --- its excellent schools.

Desirable features like these naturally equate to homes priced higher than surrounding areas that do not have the same characteristics.

See what enamored contributors say about Piedmont via Wikipedia. 

Excerpt: "Piedmont was one of the "25 Top-Earning Towns" in CNN Money Magazine's list of 'The Best Places to Live in 2007, and was also named one of the "Best Places To Live-Urban Enclaves" in the United States in 2007 by Forbes.[3]

Is Piedmont surviving the economic downturn?

SOLD PROPERTIES

This chart is revealing --- FORECLOSURES! As a matter of fact, 12.5% of total homes sold were distressed properties (bank-owned).

Predictably, the fewer sales are in the first quarter of each year. Sellers should take note when the  most active periods are. Third quarter 2010 was the busiest with the most number of sales that closed escrow.

Sold properties in Piedmont CA 2008 to 2011

MEDIAN FOR SALE VS MEDIAN SOLD  2008-2011
There seems to be a bit of disconnect between what properties are actually selling for versus what they're listed for. This chart illustrates that the median sold is actually 26% less than median for sale. Sellers  should see what's happening that is leading to reduced sold price.

Median for Sale vs Median Sold in Piedmont CA

 

UNDER CONTRACT PROPERTIES

The number of sales seem to have picked up first quarter 2011 compared to the previous quarter, and is nearly as robust as it was at the peak in second quarter 2010. Prices may be lower than previous years, but at least the inventory is moving. Very promising to see that properties are going in contract. But for how much is another story, as median sold vs median for sale chart illustrates.

Under contract properties in Piedmont 2008 to 2011

 

DAYS ON MARKET

For some areas, an average of 30 days on market is unheard of.  But this is not unusual for Piedmont because even if the home prices are high by comparison to surrounding areas, as long as the homes are priced right and they show well, the general appeal of Piedmont continues to draw the buyers.

30 days on market before getting in contract? That's amazing!

Days on market for Piedmont properties for sale 2008 to 2011

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Rainmaker
507,359
Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

These are great charts Pacita.  When I lived in San Francisco I always said that if I ever lived in the East Bay it would be in Piedmont.  Very nice area.  Best of luck to you.

Jun 10, 2011 02:00 PM #1
Rainmaker
710,608
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Thanks, Jerry.

Piedmont does have its draw. As do Rockridge, Claremont, Crocker Highlands --- all highly desirable areas in Oakland, and all of which are competing with Piedmont for the same target market.

Bet you miss the weather from the Bay area, but not the high taxes.

Good luck to you as well.

Jun 10, 2011 02:05 PM #2
Rainer
240,177
Peggy Hughes/pha logistix, inc.
pha logistix inc - San Francisco, CA
SF NYC LA

Pacita.. those are great charts.  Piedmont and its surrounding area ARE doing well... thank goodness. And, further proof how RE is local, local, local!

Jun 10, 2011 07:41 PM #3
Rainmaker
710,608
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Peggy --- we just have to keep reminding folks that national news don't necessarily reflect what's happening in certain areas. Detroit isn't the Bay area.

Hope all is well?

Jun 10, 2011 07:51 PM #4
Rainmaker
809,919
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Pacita:

Charts look great.  I can't believe that Piedmont has 12.5% foreclosures.  Let's hope the economy and home sales market improve.  Take care.

Jun 11, 2011 11:13 AM #5
Rainmaker
339,165
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
Opening the Doors to California Homes -East Bay

I'm sure the numbers will grow too since so many high end home loans are resetting these day. good post!

Jun 11, 2011 06:22 PM #6
Rainmaker
710,608
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Evelyn -- I love that our MLS provides Market Metrics capabilities for basic charts.

Elisa --- seeing short sales in the high end. Just hope the banks cooperate and let these folks do their short sales instead of foreclosing on them.

 

Jun 15, 2011 06:57 PM #7
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Rainmaker
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Pacita Dimacali

Alameda/Contra Costa Counties CA
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