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.
Other News from Around the Web
“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
“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’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.