ALAMEDA CA MARKET REPORT: Median sold price down by 16% since 3Q 2008

By
Real Estate Agent with Alain Pinel BRE 01367196
https://activerain.com/droplet/nTg

ALAMEDA CA MARKET REPORT

This chart shows a very pronounced change in median prices (listed and sold) starting in third quarter 2008, the year that marked the real estate downturn.

For sale median prices came down by 20%, and this is nearly reflected in the median sold prices that came down by 16%

What's interesting to note is that in previous years, the median list price was always higher than median sold price -- sellers were still unrealistic about the value of their homes, and priced them like we were still in the boom years. Then by Q3 2010, reality set in. They began to price their homes aggressively and competitively --- and look what happened! Median sold price was higher than median list price! By Q3 2011, prices were on target.

Alameda CA median prices 3Q 2008 to 2011

 

This paints a picture for potential buyers who may still be wondering about how much markets have tumbled.

For example, if a property sold in 2008 and is in now in distress and is for sale, the buyer may be able to estimate a fair market value today by taking the previous sold price and reducing it by 16%. In Alameda CA there is a house that sold for $617K in 2007 and  is being sold as a foreclosure (REO). It's probably worth around $456K today -- and potential buyers should craft their offer at around this price.

This is not a standard procedure. It could be a short cut, but one must still do a comparable market analysis to determine a realistic, competitive offer at, or close to market value.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
California Alameda County Alameda
Groups:
CALIFORNIA REAL ESTATE
Dedicated Bloggers
Local Expert
San Francisco Bay Area Real Estate
Market Reports
Tags:
alameda ca median sold price decreased by 16 since 2008
alameda ca market value
computing market value in depressed market

Spam prevention
Show All Comments
Rainer
14,489
Derya Martin
Meybohm Realtors - Augusta, GA

I feel bad for the home owners there how ever it just seems as reality is catching back up with the market the properties where so over priced up there I couldn't even understand how people could afford to buy a home

Nov 29, 2011 04:33 PM #1
Ambassador
1,500,671
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I noted your Christmas colored chart.  Smart cookie!

Nov 29, 2011 04:34 PM #2
Rainmaker
710,627
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Derya --- this may be food for thought for sellers who are planning to move up, especially if they have tremendous equity on the house they're selling. Now, they are closer to their dream home by trading up.

John -- which I could say I was responsible for the Christmas colors, but that's how they came in using the Clarus metrics :)

Nov 29, 2011 04:41 PM #3
Rainer
208,834
Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Hello Pacita, thanks for the statistical reports. They are always interesting to read the latest reports on other communities. I too like your christmas report. I hope your efforts bring in some business.

Nov 29, 2011 04:43 PM #4
Rainmaker
710,627
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Kymberly --- thanks for your comment. I hope that buyers will take advantage of this combination: low prices and low interest rates :)

Nov 29, 2011 05:37 PM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
710,627

Pacita Dimacali

Alameda/Contra Costa Counties CA
Ask me a question
*
*
*
*
Spam prevention

Additional Information