Market Conditions in Albany>Question Details

Carmelo, Home Buyer in Albany, CA

I see the ten year sales graph for Albany with a peak in 2005-6 and in 2010. Is this an idicator of a double dip in prices in Abany?

Asked by Carmelo, Albany, CA Tue Apr 3, 2012

Looks like prices are going down again

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Regarding Albany, I recognize the trend you are referring to in the “Median Sales Price” graph.

Anecdotally, I know of three properties on part of my street alone (~0.6 mile stretch) that have been vacant and not for sale for more than a year. Another property that went on sale a few months ago was recently pulled—it remains vacant.

As well, I agree with your projection about the direction of real housing prices. However, due to inflation, nominal prices could decline less or remain flat for several years.

By the way, did you notice the phase shift in “Number of Sales” after the middle of 2009? What does this imply about liquidity in the Albany market?
0 votes Thank Flag Link Sun May 6, 2012
Hello,

While prices do seem to be still going down, Albany is one of the cities that has survived without too much damage.

It's still a very desirable area....and I doubt if you will see double digit dips there
0 votes Thank Flag Link Tue Apr 3, 2012
I am not sure which graph you are referring to however I don't foresee Albany home prices moving drastically in either direction in the near future. Albany homes prices have been relatively stable over the past few years for many of the reasons Pacita mentioned.

For more information I have included a link to an article on this very topic from my blog on the Albany Patch.
0 votes Thank Flag Link Tue Apr 3, 2012
Most of the adjacent cities also show the peak in sales prices in 2005-2006, and then we started seeing prices fall in 2008.

Albany is still a much sought-after city, especially because of the favored schools with high academic standing, and similar to other cities are Alameda, Berkeley, Piedmont, and parts of Oakland.

Although prices are nowhere near where they were at the peak, they seem to be stabilizing. With such low inventories of homes for sale, we are seeing multiple offers for properties that are priced aggressively (i.e., "ahead of the market"), show well, in good condition, and in good locations.
0 votes Thank Flag Link Tue Apr 3, 2012
Not sure about Albany in particular, but in general in coastal CA what appears to be happening is prices in the middle and high tiers are reaching new post bubble lows. Where the low price tier is holding steady on up a bit.
0 votes Thank Flag Link Tue Apr 3, 2012
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