Alameda Real Estate Snapshot - Feb 2022

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.

Alameda Real Estate Snapshot - Jan 2022

New this month! We're introducing our Real Estate Snapshot for Alameda.

Should I stay or should I go? It's a question you may have been thinking about lately, especially with the large increase in home prices. If you’re looking for real estate data to help you make a decision, then you’ve found it. We think our real estate snapshot is a quick way to understand the Alameda real estate market.

We created this Alameda real estate market report to keep you informed and put the latest real estate market data at your fingertips, so you can make the best decision for you and your loved ones.

As we go forward we’ll offer our opinion, based on the data, as to what is happening in the Alameda real estate market. We hope you gain some insight from the data and find it useful.

January 2022 vs. December 2021

As a comparison, there were about slightly less than half as many total closed sales in January than in December (23 versus 56).

Was this due to the typical holiday sales decline, lack of inventory, higher prices, diminished buyer interest, or interest rates on the rise? Our thought is that it is mainly holiday driven, but interest rate rises may begin to sideline certain buyers as the combination of higher rates and increased purchase prices may lead them to consider other less expensive markets, such as nearby San Leandro.

Also, the median days on the market (DOM) remained the same (13) for detached and duet homes, but fell sharply from 24 days in December to 7 in January for condos and townhomes. Are condos the next hot market? We’ll see as the year progresses.

Next month

Check back next month as we bring 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 also appears on the Resources section (aka, Blog) of Alameda Senior Transitions.

How to Avoid Covid-19 Buyer's Remorse

We’ve all heard the fantastic stories during the pandemic of how someone in the city gave up their small apartment and struck out for the suburbs, right? Well, it seems that a few may be rethinking that decision.

The stories I’ve been reading seem to have one major thing in common - almost no knowledge of the location of where they were buying. You might think that sounds crazy, but it can happen more often than you might think. Once these buyers get to the new place, some have found the renovation of a property daunting or unexpected, appreciate they don’t want to handle somewhat mundane issues, or realize they don’t even like the distant suburbs.

One way to avoid this problem is to really get to know where you think you want to live. Even though it may not fit with the timeline you want, it’s best if you can do a few simple things before you take the plunge on a major purchase like a home. Some ideas include: Visit 2-3+ times (on different days of the week) to get a sense of the place, visit the local shops and restaurants, talk with friends who have knowledge about the area, read online about the community, and talk to a real estate agent.

If you think you’re ready to leave the city for a whole new way of life, then ask yourself a few questions: Do I mind an hour+ work commute each way when things go back to normal? Will it bother me if I can’t walk to the local shops and parks? Will I feel isolated in my new setting? Do I have time and basic maintenance skills required for the upkeep house or am I willing to acquire them?

I’m sure there are plenty items to ask yourself about, but you get the idea. So do your homework, hone in on what you think you like, and decide on the basics before going further in the process.

It may seem like a lot of work, but buying a home in a location that you’ll be happy with for years to come really is worth it.