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Pacita Dimacali's Blog

By Pacita Dimacali | Agent in Alameda, CA

Alameda CA has its share of foreclosures and short sales, but market is picking up

Our fabulous island city of Alameda CA where we  have just just 70,000 residents, we like to think that properties here "hold their own" and that we are somewhat insulated from the economic upheavals that affected the surrounding cities the last couple of years.

DISTRESSED PROPERTY. WHAT'S THAT?

So it was surprising to see many distressed --- foreclosures and short sales --- properties sold this year between January 1 - December 30, 2009. Looking at residential sales of condos, townhouses, duets and detached single family homes, here's the story:

  • 427 homes sold in 200
  • 58 were REO (real estate or bank-owned) or 3% of total
  • 89 were short sales in 21% of total

These 147 distressed properties constitute 34% of total sales in 2009.

OMG!

THE WAY WE WERE

How does that compare to previous years?


2006

2007

2008

2009

TOTAL SALES

612

501

419

427

Bank owned

2

12

35

58

Short Sales

NONE

5

15

89

Total Distressed Sales

2

15

50

147

Distressed Sales as % of Total Sales

0.3%

2.9%

11.9%

34.4%

So guess what....we're seeing a shift in the sands....


LOCAL MARKET STATISTICS

Our market statistics are painting an interesting picture: low inventory, fewer homes for sale, shorter days on market. With the looming deadline to qualify for the first time and repeat home buyer tax credit, we may see an active market in the next few months.

Low inventory --- it's looking more lika a seller's rather than a buyer's market.





Days on market
--- the listings stay on the market for a shorter period of time than they did two years ago.

Days on market Alameda CA


Under contract --- September 2009 recorded the most active month in the last two years.

Under contract Alameda CA

 

Comments

By Pacita Dimacali,  Mon Jan 4 2010, 12:23
Thanks, Justin. Glad you like it.

Have a good year!

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