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Q2 Alameda County Real Estate Market Update

We are in transition from the spring to summer real estate seasons. The spring real estate market stayed true to my predictions of strong activity: existing-home sales rose strongly in May, inventory grew, and all four regions of the country experienced sales gains. Many properties sold at higher prices, and some sold with multiple offers. The median time for all homes on the market was 47 days.

Lawrence Yun, the National Association of Realtors Chief Economist, reports that current sales activity is rebounding after a lackluster first quarter. Total existing-home sales, which include single-family homes, townhomes and condos, rose 4.9% in May. June statistics are not finalized yet but show continued growth.

As we enter the summer season, what can we expect? The first day of summer was June 21st. That day marked the summer solstice, which is the day with the most hours of sunlight during the whole year. With a pause in rising interest rates and a larger inventory of homes for sale, there is good news for homebuyers. Sellers seem motivated to sell and buyers can negotiate some good deals.

If a home sits on the market for over 45 days, the seller may want to consider a price reduction. It is my goal to help you sell your home for the best price, but sitting on the market too long without making adjustments will only entice low offers. Let's watch market trends as we move forward.

Both inventory and average price have increased in Alameda County. Average days on market are listed as slightly over three weeks, but in reality, these numbers are skewed by offer dates set by agents to draw competitive bids - which is exactly what has been happening. With prices on an upward trajectory, we see inventory not meeting up with demand, creating additional pressure on prices.

For Oakland when comparing Q2 2013 to Q2 2014 the number of sales are down by 7% but the average home price is up by 8%

Q2 Quarterly Market Report Alameda County

Both inventory and average price have increased In Alameda County. Average days on market are listed as slightly over three weeks, but in reality, these numbers are skewed by offer dates set by agents to draw competitive bids - which is exactly what has been happening. With prices on an upward trajectory, we see inventory not meeting up with demand, creating additional pressure on prices.


Q2 2013

Q2 2014

% Change

Number of Sales

4,077

4,044

-1%

Average Price ($000)

$505

$590

17%

Average DOM

26

25

-4%

Months of Inventory

1.1

1.4

27%

Alameda City

Q2 2013

Q2 2014

% Change

Number of Sales

163

150

-8%

Average Price ($000)

$630

$712

13%

Average DOM

22

24

9%

Months of Inventory

1.0

1.1

10%

Albany

Q2 2013

Q2 2014

% Change

Number of Sales

42

50

19%

Average Price ($000)

$611

$628

3%

Average DOM

35

17

-51%

Months of Inventory

0.9

0.7

-22%

Berkeley

Q2 2013

Q2 2014

% Change

Number of Sales

184

205

11%

Average Price ($000)

$765

$827

8%

Average DOM

20

22

10%

Months of Inventory

1.5

1.3

-13%

Castro Valley

Q2 2013

Q2 2014

% Change

Number of Sales

163

149

-9%

Average Price ($000)

$535

$611

14%

Average DOM

21

23

10%

Months of Inventory

1.1

2.1

91%

Dublin

Q2 2013

Q2 2014

% Change

Number of Sales

188

216

15%

Average Price ($000)

$590

$704

19%

Average DOM

13

22

69%

Months of Inventory

0.8

1.3

63%

Fremont

Q2 2013

Q2 2014

% Change

Number of Sales

552

603

9%

Average Price ($000)

$651

$738

13%

Average DOM

21

16

-24%

Months of Inventory

0.9

1.0

11%

Hayward

Q2 2013

Q2 2014

% Change

Number of Sales

419

388

-7%

Average Price ($000)

$365

$420

15%

Average DOM

37

31

-16%

Months of Inventory

1.2

1.7

42%

Livermore

Q2 2013

Q2 2014

% Change

Number of Sales

324

320

-1%

Average Price ($000)

$521

$600

15%

Average DOM

26

19

-27%

Months of Inventory

0.8

1.2

50%

Newark

Q2 2013

Q2 2014

% Change

Number of Sales

114

113

-1%

Average Price ($000)

$465

$570

23%

Average DOM

18

13

-28%

Months of Inventory

0.7

0.9

29%

Oakland

Q2 2013

Q2 2014

% Change

Number of Sales

406

377

-7%

Average Price ($000)

$734

$790

8%

Average DOM

29

28

-6%

Months of Inventory

1.2

1.4

18%

Piedmont

Q2 2013

Q2 2014

% Change

Number of Sales

42

64

52%

Average Price ($000)

$1,526

$1,745

14%

Average DOM

16

17

6%

Months of Inventory

1.1

0.9

-18%

Pleasanton

Q2 2013

Q2 2014

% Change

Number of Sales

252

256

2%

Average Price ($000)

$780

$866

11%

Average DOM

16

19

19%

Months of Inventory

1.3

1.4

8%

San Leandro

Q2 2013

Q2 2014

% Change

Number of Sales

225

196

-13%

Average Price ($000)

$395

$447

13%

Average DOM

23

23

0%

Months of Inventory

0.9

1.3

44%

San Lorenzo

Q2 2013

Q2 2014

% Change

Number of Sales

73

67

-8%

Average Price ($000)

$365

$431

18%

Average DOM

14

21

50%

Months of Inventory

0.9

1.1

22%

Union City

Q2 2013

Q2 2014

% Change

Number of Sales

138

129

-7%

Average Price ($000)

$497

$503

1%

Average DOM

26

20

-23%

Months of Inventory

1.0

1.2

20%

Number of Sales and Average Price are for only the stated quarter/year.
Average DOM and Months of Inventory are based on statistics for the last month of the stated quarter.
Source: TrendGraphix Apr-Jun 2014