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Real Estate Roundup with Sharon Alva: Market snapshot, September 2010

Submitted by on 1, October 15, 2010 – 4:45 amNo Comment

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By Sharon Alva

A market snapshot is just that – a snapshot. So while the table below showing the median sales price and volume of sales in Alameda real estate over the past several Septembers is not the whole story, it does give us a glimpse.

All in all we’re seeing less foreclosed properties so sale prices are going up, but the volume is very low.

“No more foreclosures?” you ask.

Bank of America has ceased foreclosures in all 50 states. GMAC and Chase have stopped foreclosures in 23 states (California is not one of them, but Attorney General Jerry Brown has asked them to review their California files as well). The sticking point is that some foreclosures were rushed through, and in judicial states the process should have more carefully followed procedures. The banks will now review files and perhaps find that some foreclosures should not have taken place. So blow the dust off that title insurance policy, some buyers will need it.

A lender who works in the East Bay just told me that she had a client whose home was foreclosed on but she aggressively pushed for a file review and the foreclosure was rescinded. The home had not yet been sold to a new buyer, but we can all imagine the fallout.

So here are the sales in Alameda for the past six Septembers. For good measure I have also pasted in the August numbers for the past six years (published earlier in this column).

Alameda Sales September to September Comparison over Six Years

SEPTEMBER Median
Year # Sold Price DOM
2005 56 $670,000 16
2006 55 $620,000 37
2007 29 $685,000 16
2008 30 $530,000 32
2009 51 $517,000 23
2010 33 $585,000 19
AUGUST Median
Year # Sold Price DOM
2005 76 $679,000 18
2006 60 $625,000 17
2007 59 $635,000 18
2008 43 $590,000 19
2009 51 $536,000 31
2010 34 $593,000 25

Sharon Alva is a real estate agent with Alain Pinel Realtors, living in Alameda. You can reach her at sharon@alvaproperties.com.

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