Glen’s East Bay Housing Numbers Through December 2010

Glen’s December East Bay Housing NumbersHappy 2011 to everyone out there. Here’s the latest edition of my East Bay Housing Numbers.

• For the second straight month, we’ve seen a decline in inventory, down 21.7% since the beginning of October. However, the number of listings still far exceed the levels we saw at the same time last year. There are now 6,247 homes listed in the 38 cities I cover, as compared to 3,690 for last December. The months supply now sits at 3.1 months, below October’s level of 3.9 months but still well above the 1.7 months we saw last December.

• Pending sales, (homes that have gone into contract), have kept pace with the decline in inventory, now at 5,995. This is below the levels we saw last December, at 6,133.

• Our Pending/Active Ratio has only slightly increased to .85, an improvement, but still indicating that we are, on the whole, in a “buyer’s market.”

• Sales remain sluggish for Alameda and Contra Costa Counties, down 11.4%, which is roughly about the same that we saw last year in December.

• The share of foreclosure listings has increased 6.7% since midyear. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years.

• The median price for Alameda and Contra Costa Counties are both below midyear and December of last year;

Related Bay Area Housing News

DQNEWS: Bay Area November Home Sales, Median Price Down from a Year Ago

“Clearly, Bay Area buyers and sellers who can wait this market out, are doing just that. And if you’re buying or selling in the upper half of the market, it’s self-evident that you’re more able to put your move on hold,” said John Walsh, MDA DataQuick president.

“The thing is, demand is accumulating. And at some point the market will kick back into gear. It’s possible that prices have bottomed out, and it seems likely that today’s interest rates won’t be around a year from now. There will be catch-up activity, but the big question is timing. We’ll have to see what happens with employment, the economy, and with today’s tight credit,” he said.

Los Angeles Times: When will housing come back in California? Five experts offer their views

Foreclosures in the state are still high. Sales of new homes are at historic lows. And millions of homeowners are underwater on their mortgages. So what’s the outlook for 2011 and beyond?

My opinion is that we’ll see minimal increases in both sales volume & appreciation in the East Bay area. Distressed properties will continue to play a role for the foreseeable future. Jobs and interest rates will be driving factors.

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 the entire copy of Glens East Bay Housing Numbers through Dec 31-2010 here