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Alameda Real Estate: Is Alameda holding its own?

Submitted by on 1, October 29, 2010 – 5:00 amNo Comment

This week’s open homes are here.

By Pacita Dimacali

Alameda residents are inclined to say that our market is “holding its own.” But is it? Distressed properties were so rare that when we started seeing our share of short sales and foreclosures, it was a surprise to many long-term residents. Just how much has it changed?

SOLD PROPERTIES Third Quarter 2007 through Third Quarter 2010

This shows the the sales activity among detached resale (not new) single-family homes that sold since the third quarter 2007 through third quarter 2010. Foreclosures (indicated by the diagonal lines in the bar) were 13 percent of total in the third quarter 2010 compared to zero foreclosures the same time period in 2007.

FOR SALE Third Quarter 2007 through Third Quarter 2010

And how about what’s for sale today? Are bank owned properties increasing in Alameda? In the third quarter of 2010, they represent nearly 27 percent of total properties for sale.

SUPPLY AND DEMAND Third Quarter 2007 through Third Quarter 2010

How about supply and demand? Any improvement? There doesn’t seem to be much difference, although the supply (homes for sale) are trending upwards while demand (homes sold) show a slight dip. So when people say “sales have stalled,” maybe they’re referring to the flattening of sales to normal levels.

MEDIAN SOLD VS MEDIAN FOR SALE Third Quarter 2007 through Third Quarter 2010

And the prices? This chart is somewhat surprising. Although both median sales price and median sold are lower in the third quarter 2010 than where they were in the same period in 2007, the movement shows that most recently, median sold versus median list price were apart by $50,000.

Real estate is Realtor Pacita Dimacali’s bliss. You can contact Dimacali, who works with Alain Pinel Realtors, at Pacita@pacitarealtor.com.

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