Alameda CA sales, short sales and foreclosures... recent activity shows upswing

Alameda, with our rich heritage and collection of Victorians and Tudors and Craftsman bunglows, fabulous shorelines, evolving and thriving downtown, and wonderfully temperate climate, has seen our own ups and downs in the real estate market.

Here's a quick review of where we are as of September 2, 2009 in terms of ALL types of properties in Alameda, compared to where we were just two months ago

ALL LISTINGS

ACTIVE LISTINGS- 109. Today's inventory is even lower than 134 just two months ago.

• Median price - $662,315, up from $594K
• Average days on market - 72 days, compared to 60
  

PENDING OR UNDER CONTRACT - 106, up from 96

• Median price - $508,872, up from $479,450
• Average days on market - 44, just 2 days faster to get in contract

SOLD since January 1, 2009 - 246 or 44 more sales

• Median price - $409,759 which is lower than $555,000
• Average days on market - 58 days compared to 50
  

FORECLOSURES In spite of what some Alamedans think, Alameda CA has been affected by the economic downturn, albeit not quite as badly as other cities. Nonetheless, we have our share of foreclosures and short sales.

Active listings - 10, just 2 homes fewer than two months ago

• Median price - $466,200 now compared to $338,500 then. a distinct improvement!
• Average days on market - 25 which is so much quicker than 61 days then
  

Listings under contract - 13 compared to 11

• Median price - $407,000 compared to 338,500
• Average days on market - 40 unchanged
  

Listings sold - 45 compared 30. This 18% of total sales to date ---- a bit of increase here

• Median price - $450,000 compared to $466,625. Are prices inching up?
• Average days on market - 45 days compared to 41
  

SHORT SALES Are short sales moving? Some are moving very slowly, and very painfully. Properties that have more than one loan may be ignored unless the lender is the same.

We hear horror stories of properties in contract for nearly 90 days on short sales with 2 loans. The junior lien holders dig in their heels and don't approve the short sales, which leads to foreclosures and trashed credit scores.

• Active listings - 10, compared to 15 two months ago
• Pending - 27 compared to 25
• Sold - 18, just a tad better than 14 two months ago; or 7% of total. At least they're closing!
  Average days on market for sold short sales - 78 days, a sight improvement over 83 days