New month - new stats
We created the Alameda real estate market snapshot to keep you informed and put the latest real estate market data at your fingertips. Our goal is to help you make the best decision for yourself and your loved ones. Here’s our latest analysis:
2022: February vs. January
As we look back, we see that there were about 30% fewer total closed sales in February than in January (16 versus 23). A continued drop from December’s much larger total sales of 56 closed properties. Does that mean anything or is it normal?
February is usually the peak of the “winter doldrums” before the spring market typically begins to rebound. Every year, sellers and buyers begin to reassess what they want out of life—some will take their profits and move on to greener pastures (sellers), while others (buyers) are ready to use the capital they have to put down new roots and create the life they want here in Alameda.
Although inventory continued to be tight, sold prices were down about 5% for homes with a median sold price of $1,475,000 and 9% for condos with a median sold price of $875,444. These are still very robust sales numbers. The mix of homes sold accounts for some of the discrepancies, but we’ll keep an eye on this metric and see if a pattern begins to emerge.
Also, the median days on the market (DOM) decreased from 13 to 11 days for detached and duet homes, but remained at a flat, yet very competitive 7 days from January to February for condos and townhomes. Condo demand appears to be remaining strong, quite a reversal from most of 2021.
Uncertainty abounds
February was a bit of a yo-yo from a news point of view. The war in Ukraine began in late February, just as many Covid Omicron restrictions began to ease, but then both gas and rents began to spike, along with higher inflation for most items. Add in talk of higher interest rates from the Federal Reserve and certain buyers may have begun to rethink buying altogether.
Even with all the uncertainty in the market, there will be buying and selling opportunities. There may be peaks and valleys throughout the year, but we think sales will remain steady. Interest rate increases and lack of inventory will probably be the main drivers.
Next month: March
Check back again next month as we bring you the latest data and opinions that we’re seeing in real estate. Our goal is to stay on top of trends and data to help you make the best decision possible for you and your loved ones.
If you have questions about what your home may be worth and want to know more, please contact us.
This content was first published to the Resources page (aka, Blog) on Alameda Senior Transitions website.