Glen’s East Bay Housing Numbers (through February 2010)

by Glen Bell on March 2, 2010

I’ve been tracking East Bay housing statistics in 38 cities since June of 2005 and 4th quarter 2009 saw the lowest levels of inventory since I began. With an increase of buyers, (both home owners and investors), the lower price range properties began to stabilize with some areas actually begin to creep up. The area, as a whole had a 1.7 months supply of homes in December.

However, January and February has seen some interesting changes. Overall, we’ve seen an increase in inventory (up 31%) in the last two months. That’s an unusually high increase during a period that we normally see a much smaller spike. Month supply has increased from 1.7 months to 2.2 months for the entire 38 city SF East Bay coverage.

REOs and short sales are relatively stable and have not been a contributing factor. Sales have slowed some. Comparing a running 4 month total, we’re off by approximately 25% in the last two months. However, the last 4 month period, (November through February) is traditionally considered the slowest time of the year.

It appears that the lower priced areas are showing signs of stabilizing with small increases in price due to competition and lack of inventory. Distressed properties are still a major factor in recent sales. The affluent areas and higher priced properties are seeing lower prices selling on average for less than asking. We’re seeing more distressed properties show up in these areas.