The continued decline in home sales prices throughout most of southern and eastern Alameda County has increased housing affordability and inspired buyers to act. Sales activity remained strong in the Central County and Tri-Cities regions in October 2008 fueled by modest month-to-month price drops. Sales, on average, dropped 9% in the Tri-Valley markets.
Sales prices proved once again the variability between real estate markets.
Prices actually increased in specific communities from September to October.Central County (Castro Valley, Hayward, San Leandro and San Lorenzo)Castro Valley was the notable exception in the Central Valley by showing a 10% increase in median sales price from September to October. However, units sold slipped by 20% in Castro Valley. Active listings were also down an average of 4% throughout the Central County communities - a trend that's consistent with decreasing inventory throughout Alameda County. Pending sales increased an average of 9% month-to-month. In terms of actual units listed and pending sale, the pace of home sales has remained steady since August 2008.
Tri-Cities (Fremont, Newark and Union City)Union City showed positive growth in all market indicators this month. Units Sold shot up 76% from 21 units in September to 37 units in October; pending sales were up 13% and active listings increased 7%. The median sales price increased 7% from $480,000 in September to $511,500 in October. Newark did well last month, too. A modest 2% increase in sales prices, a 13% increase in units sold and a 7% increase in active listings. However, it was the only Tri-City community to post a decline in pending sales. Median prices slipped 16% in Fremont from $685,000 in September to $573,000 in October. Sales activity was virtually the same with only two fewer units sold in October.
Tri-Valley (Dublin, Livermore and Pleasanton)All Tri-Valley communities, but Danville, saw a drop in sales prices in October. Livermore prices decreased 16% from $499,950 to $420,000 while prices in Dublin, Pleasanton and San Ramon dropped 8% and 4%. In terms of actual dollars, the prices in each community are still well above both the state and county median prices. The pace of home sales and pending sales also slowed throughout the region with the exception of Livermore which saw a 10% month-to-month increase in actual units sold. Meanwhile, with the exception of Pleasanton, active units increased across the rest of the Tri-Valley
Information is deemed reliable but not verified