We analysed 34 major cities in the East Bay Market.Sales of November 2009 were compared to November 2008 Median Price Change in Home Prices
The major cities that had double digit drop in median home prices as compared to last year were Lafayette (-19.31%),Walnut Creek (-18.44%),Alameda (-13.88%),Emeryville (-13.61%),Antioch (-10.07%).The good news is all other cities had single digit drops and some cities actually showed gains in home prices over last year.Oakland (12.84%),Bay Point (14.19%),Danville (16.22%),Fremont (17.64%),El Sobrante (21.54%) and Discovery Bay( 22.54%)
Median Days On Market
28 of the 34 cities actually had homes for lower median days on the market as compared to last year. That is also evident from the number of multiple offers being received on individual homes and the number of rejections Buyers received.25 cities had double digit drop in median days the homes were on the market. Pinole (-65.14%),Pacheco (-64.91%),San Lorenzo (-64.06%),Hercules (-62.97%),Bay Point ( -61.93%),Pittsburg (-51.05%)and Hercules (-50.29%)had the median days on the market down by more than half surprise az realtor
Overall the homes sold last year in November 2008 were 2008 homes as compared to 1932 homes this year in November 2009.Some cities faced increases and some faced losses but overall the decline was not noticeable.
Where have the Bank Foreclosures gone?
It’s a fact that Bank Owned listings/ homes are few to find. Everybody is scratching their heads to figure this one out. We have numbers in our report to show that Bank Foreclosures have dropped as compared to same time last year. But since the sale of homes was quite comparable to last year where did the difference come from. It most likely includes property flippers, short sales and regular sales by sellers. It is difficult to pinpoint the break down of this one.However we do have changes in Bank REO homes.29 of the 34 cities had decreased Bank Foreclosures.27 of the 29 cities had double digit decreases. Major decreases in Bank Owned properties was in Pleasanton (-68.18%),Danville (-66.41%)Dublin ( -61.54%)Fremont (-56.93%),Pinole (-56.04%),Hayward (-55.75%).
No Of Homes Sold
The leader in number of months of homes inventory were Pittsburg (8.25Months),Discovery Bay (8.04M),Hercules (7.31M).The lowest inventory was in El Cerrito (2.4M) Berkeley (2.87 M),Union City (4M)