MARKET REPORT: FREMONT, CA. 7-31-12

By
Real Estate Agent with The Medford Real Estate Team DRE#01223788

Here is my market update for the Fremont, Ca. real estate market for 7-31-12.

As seen in the charts below, the inventory remains constrained although listings of single family detached homes have increased somewhat over the last sixty days.

Listings for condos and townhouses remain scarce.

Market Statistics

The decline in the absolute numbers of REOs and short sales has continued. These distressed property categories now make up a substantially smaller percentage of the total listings then they did at the beginning of the year. As banks have made the belated realization that short sales are better for them than REOs the short sale inventory has become a much larger part of the overall market than REOs.

Total inventory of real estate for sale in Fremont remains tight. The result continues to be a scenario of multiple offers as buyers pursue scarce properties with frustration. Prices are being pushed up. Appraisals are challenging. Cash is still king.

Despite all the challenges of buying in this market, many buyers still believe that owning real estate is a better long range plan than paying the landlord’s mortgage. With prices having fallen from their unworldly peaks and interest rates at historic lows the window of opportunity remains open for buyers.

 

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