April 15, 2009

Housing Inventory Shrinking in the San Francisco East Bay Area

While stories continue in the media about the state of the housing market, signs can be seen that conditions are improving in the areas serviced by Legacy Real Estate and Associates. At the sales meeting this morning (4/14/09) Terry Norman presented information on several markets.

For example in January 2008, in Hayward there were 733 properties for sale, 26 sold and 44 pending which could be seen as a 18.2 month supply of inventory. Whereas in March 2009, in Hayward there were 440 properties for sale, 119 sold and 225 pending which reflects a 3.l7 month supply of inventory.

In Newark, the numbers are similar – January 2008, 141 properties for sale, 5 closed and 11 pending or a 28.2 month supply. In March 2009, 80 properties for sale, 28 closed and 37 pending or a 2.9 month supply.

How about Union City – January 2008, 190 properties for sale, 15 closed and 17 pending or a 12.7 month supply. In March 2009, 143 properties for sale, 39 closed and 62 pending or 3.7 month supply.

Results are not as dramatic for Fremont, January 2008 – 373 properties for sale, 59 closed and 45 pending or a 6.3 month supply. In March 2009, 390 properties for sale, 67 closed and 117 pending or a 5.8 month supply.

Agents are reporting multiple offers on some properties with some bank owned properties selling over the asking price. The market does appear in many areas to be turning around with good inventory in most areas and price ranges, attractive interest rates and a variety of financing options available for the first time buyer, move up buyer and/or investor.

People sitting on the fence are now seriously considering purchasing as many feel prices will begin to climb in the months ahead. To keep up to date with new listings as they come on the market, visit the Legacy web site at www.legacyrealestateassociates.com and click on the Listing Alert button.

Posted By: Kathy Mardiros