Real Estate Roundup with Sharon Alva: Alameda summer real estate snapshot
It’s summer, a good time for watermelons, the beach … and yes, real estate. Alameda’s inventory stands at 142 properties, which is a welcome improvement over the winter when Alameda had less than 80 properties on the market. So if you want to buy a home in Alameda there are properties to see. While our inventory has grown, the downward motion of both volume and sales prices continues.
Looking at the period of June 15 to July 15 over the past six years we can see that both the number of sales and the median price point have continued to decline. The most dramatic drop happened back in 2008. A small increase in median values in 2009 reversed itself in 2010 with a new drop in value.
Six year comparison for homes sales in Alameda between June 15 and July 15
|Year||Number of Properties Sold||Days on Market||Median List Price||Median Sold Price|
But the market is picking up pace, with properties pending after just 16 days on than market. Anecdotally, I can say that the practice of under-pricing has succeeded in getting potential buyers to place offers and compete. If you are in the market for a new home, make sure to look at the market value of the home when writing your offers, not the asking price. While some sellers are still over-pricing, the majority are pricing their properties at market value, or just shy of market value.
Creating a sense of urgency and multiple offer situations through under-pricing is nothing new, but the frequency with which it happens has changed. Buyers sometimes become attached to that first list price and find it difficult to write the over-asking offers. Your real estate agent should be pulling up comparable sales within the last three months and helping you compose an offer based on those values rather than the asking price.
The same is true for over-priced properties. Don’t let the seller’s wishful pricing put you off. Base your offer on the market value and you should receive a reasonable response.
Sharon Alva is a real estate agent with Alain Pinel Realtors, living in Alameda. You can reach her at email@example.com or (510) 764-4921.