Alameda County Citywise Report for December 2014
The actual numbers show homes sold in Dec 2014 was less than Dec 2013.However, looking closely at the Sales Price/List Price % and Days on market shows that the market is very much a sellers market.Buyers were chasing less inventory and offering way over asking prices to get into contract.It took less days to sell a home as compared to Dec 2013.
Alameda County Citywise Homes Sales
Number of homes sold was analyzed for 17 cities.
- 10 cities saw a drop in volume compared to corresponding period in Dec 2013.
- 11 cities also saw a drop in volume in Dec 2014 compared to Nov 2014.
- On the flip side 7 cities saw an increase or equal in volume in Dec 2014 compared to Dec 2013
- Total homes sold in Dec 2013 was 1248, Nov 2014 was 1110 and Dec 2014 was 1088.
- Though we have seen many past months of increasing sales, Dec 2014 was definitely not the same. Since Days on Market and SP/LP% are completely reflective of a sellers market, the drop can be attributed to lack of inventory.
Alameda County SP/LP%
- 9 out 12 cities evaluated had sales closings over asking price in the month of Dec 2014.
- The situation was same in Dec 2013. with 9 out of 12 cities having sales over asking.
- The average SP/LP % ( Sales Price/List Price %) in Dec 2013 was 99.32% and average SP/LP% in Dec 2014 was 103.36%.
- Overall: The market reflected a shortage of inventory and a sellers market with buyers overbidding to land contracts.
Alameda Citywise Days on Market ( DOM)
- 16 out of 18 cities took equal or less time to sell, as compared to Dec 2013.
- Albany (40) and Piedmont (36) listings sold in 50 or less days.
- Hayward (83) and Union City (85) took 80 days or more to sell.
- All other cities sold between 51-79 days.
- The average days on market last Dec 2013 was 76 days .This moved down to 66 days in Dec 2014.
Alameda County Citywise Average Prices
- Citywise Average sales price was analysed for 13 cities in Alameda county for last 1 year.
- All cities saw a price increase in Dec 2014 compared to last Dec 2013.
- However, Alameda, Castor Valley, Fremont, Newark, Oakland and Union City saw small price “cool offs”compared to previous month of Nov 2014.
- Average price in December 2013 was $596,389. Average price in Dec 2014 was significantly higher at $708,584.Average price in November 2014 was $694,910.