Subtle changes in the market

The end of July early August have brought some interesting changes to Alameda's real estate market. We experienced a sudden surge of single family homes coming onto the market at the end of the month.  This increased our months of inventory on the market from 2.8 at the end of June to 4.7 months at the end of July. At first glance this appears to be something to be concerned about, however if August continues in the same manner it began, I believe we'll be back to levels we've seen throughout the summer by the end of this month.

Granted, I've always been accused of being a bit of an optimist, but my conclusion is based on several factors. The first I've already mentioned as it is likely the increase in listings at the end of July has skewed the months on the market sharply upwards. But that isn't the only factor. July brought a sharp decline in average days on the market  to 27, the lowest point we've seen in well over a year. This means houses are not sitting on the market as long as they were, or in other words, buyers are on the move! This pattern has continued into August as we've watched the number of homes pending increase from the high 70's into the low to mid 90's.

The other good news is pricing continues to remain stable. The average price per square foot remains strong at $391.00 and average price sold and average list price are hovering around $650,000.

The best news clearly is interest rates. Finding rates in the 4.5% range is the norm. Whether you're considering buying or refinancing, now is really the time to get serious. If you're considering either, please let me know and I'll help make it happen!!

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Alamedans rock!

This summer the Alameda Education Foundation has been collecting school supplies and backpacks for students in need. Most people don't realize there are over 900 students attending AUSD without permanent housing, I know I didn't.  These students are among the 30% who qualify for the free or reduced lunch program. Your generosity will allow each of these students to start the school year with the supplies they need to be successful.

We've been collecting supplies all summer at the Alameda Towne Center's Summer Beat concerts. I was dropping off 3 fantastic backpacks from Marilyn Shumaker at tonight's concert (Thanks Marilyn!) and witnessed a woman dropping off 2 shopping carts full of supplies! I looked around and our donation box was almost full.

If you haven't had a chance to drop off supplies, we'll be at the Summer Beats concerts through the end of this month. You can also catch us at the Crab Cove concert tonight or you can drop supplies off at Tuckers, Color me Mine and the Bank of Alameda Park St branch. Oh heck, call me and I'll be happy to pick up and deliver supplies for you!!

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All righty then, that's it for this week, have a great weekend and hope to see you tonight at Crab Cove!