Looking Closer into the East Bay REO & Short Sale Market
When I was compiling my latest set of East Bay Housing Numbers, I decided to take a closer look at the distressed property market and chart the sales since the beginning of 2007.
The graphs consist of all sales on a month by month basis for both Contra Costa and Alameda Counties. It also shows what portion of sales were distressed property (both REO and Short Sales) since the beginning of 2007 to current April 2011 numbers.
The influence of distressed properties reached their peak during the first quarter of 2009, consisting of 72% to 76% of all sales in Alameda County, and 81% to 83% of all sales in Contra Costa County.
While the number of REO sales has since declined to its current levels, (48% in Contra Costa County and 55% in Alameda County), the number of short sales have gradually increased, now almost as much of a factor on sales as REOs.
East Bay Housing Data – Glen’s Numbers through April 2011
The latest East Bay Housing Numbers are in, and again we’re seeing a slight increase in both inventory levels and in pendings compared to March. Inventory is up 11.4% and pendings are up 20.7% since the beginning of the year.
The months supply is now 3.5 months, above the 3.1 months at the beginning of the year and well above the 2.6 month supply we saw last year at this time.
Our Pending/Active Ratio has increased slightly to .92, slowly returning towards a “normal” market.
Distressed properties, (REOs and Short Sales), are still a large part of our local markets making up 60% of the active listings, 77% of our pending sales and 49% of the sales over the last 4 months.
As always, I’m available if you want to talk about the market, or explore your options for buying, selling or investing in East Bay real estate. You can reach me directly at 510.333.4460.
You can download an entire copy of Glen’s East Bay Housing Numbers Through April 2011 here.
Other News from Around the Web
“Housing Values: The Perfect Storm,” 4/26/2011 – DSNews
“With all the news of still-declining home prices, most buyers are keeping their feet firmly planted on the sidelines unless they’re sure they’re getting a bargain.” – Carrie Bay
Sales up, Prices Down for Bay Area Housing Market, April 14, 2011 – DQNews
“Bay Area home sales last month logged the best March in four years, barely, as prices slipped back a notch. A variety of indicators – including investor and cash purchase levels and adjustable-rate loan use – pointed toward a more normal market, though suggested that it’s still a ways off, a real estate information service reported. “
“The housing market has certainly moved well back from the abyss of two years ago, but there is quite a ways to go before it’s even remotely normal. The Bay Area has much less of a foreclosure problem than the rest of the state, but by its own standards it’s still a sizeable problem that acts as a drag on prices. The big issue continues to be mortgage financing, which is still problematic for many potential borrowers,” said John Walsh, DataQuick president.
“California Mortgage Defaults Drop Again; Foreclosures up,” April 19, 2011 – DQNews
California’s priciest zip codes collectively saw mortgage defaults buck the market-wide trend again and rise slightly quarter-to-quarter, while their defaults fell less on a year-over-year basis than in the overall market. The state’s 80 zip codes with median sale prices of $800,000 or more last quarter posted a 5.8 percent quarter-to-quarter increase in default notices and a 4.7 percent year-over-year decline.
At the other end of the price spectrum, zips with medians below $200,000 saw first-quarter defaults drop 5.5 percent from the prior quarter and drop 17.7 percent from a year ago.
If you’re looking for more news throughout the month, check out the MyEastBayAgent Twitter feed for the latest links.
Berkeley REO Market Update
Looking to buy a Berkeley Foreclosure?
We specialize in Bank Owned foreclosures (REOs). If you’re looking to buy one, below are links to the active REOs currently on the market in Berkeley. If you want more details on a certain one, you can click the address & it will take you to the detailed listing page for that property.
This week, we had a buyer client ask about the listing at 1225 Dwight Way. We checked it out and shot a video walkthrough to send to him. It turns out that it needs too much work & it’s not for him, but we’re happy to provide this service to our active clients… so if you’re serious about buying, get in touch with us via the contact form at the bottom of this post & we can do the same for you.
Showing properties
1 - 10 of 14.
See more Berkeley REO.
(all data current as of
1/27/2012)
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$369,900 : 2418 SACRAMENTO STREET, BERKELEY2 beds, 1 full bath
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$324,900 : 1627 ASHBY AVE, BERKELEY4 beds, 1 full bath
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$314,900 : 2633 MABEL STREET, BERKELEY2 beds, 1 full bath
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$324,900 : 2030 6TH ST, BERKELEY2 beds, 1 full bath
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$299,900 : 3010 CALIFORNIA ST, BERKELEY3 beds, 1 full bath
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$599,000 : 1225 Dwight Way, BERKELEY3 beds, 2 full baths
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$399,900 : 2113 7TH ST, BERKELEY3 beds, 2 full baths
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$459,900 : 1318 Kains Avenue, BERKELEY3 beds, 1 full, 1 part baths
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$269,900 : 3236 IDAHO ST, BERKELEY2 beds, 1 full bath
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$322,200 : 2430 5TH ST, Unit: G, BERKELEY1 bed, 2 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Equal Housing Opportunity. Equal Opportunity Employer.
©2012 Bay East. ©2012 CCAR. ©2012 EBRD. All rights reserved. Information deemed reliable but not guaranteed. This information is provided from three separate sources: Bay East, CCAR and EBRD. The listings presented here may or may not be listed by the Broker/Agent operating this website. Information last updated on 1/27/12 11:03 AM PST.