San Leandro Sales - an Historical Look

TWhat a change we've seen since 2005!  Then, properties barely hit the market before going pending and selling at higher than asking prices.  Now, we've been seeing longer times on the market and lower than asking selling prices.  Many never thought we'd get there, but here we are.  But are we coming out of the doldrums?  Quite possibly yes.

As we settle into what appears to be a stabilizing market, let's look at just where and how our market has shifted:

In 2005, arguably the height of the market, San Leandro saw 453 homes close escrow.  The largest number of closed sales was in the $500,000 to $599,000 price bracket with 187 closed sales (or 41.2%).  The second largest price range was the $400,000 to $499,000 range which saw 113 closings (or 24.9%) .  The third most active price range was the $600,000 to $699,000 range where 91 homes closed escrow (or 20%).  Just 10.6% (48 homes) of the market was priced between $700,000 and $899,000,  less than 2.5% (10 homes) sold below $400,000 and less than 1% (3 closings) were priced over $900,000.

Fast forward to the first half of 2009 - so far we have clocked 395 closed sales.  Yes, I typed that in correctly.  Remember in 2005 we closed 453?  That means that as of the end of June 2009, we are already at 87% of the number of closed sales of 2005, which we've already established was arguably the height of the market.  But, the closed sales price picture is even more astounding.  Of the 395 closed sales in the first half of 2009, a whopping 74.7% (295 homes) were priced under $400,000.  Of those, 37.7% (149 homes) were actually priced UNDER $300,000.  That latter figure was unheard of in 2005!  Literally nothing sold under $300,000.  It simply did not exist.  The second largest price range for closed sales in 2009 through June was the $400,000 to $499,000 price range with 14.9% of the closed sales (representing 59 homes).  In 2005 that was the second largest price range for closed sales at 24.9%.  Just 38 homes (or slightly under 10%) of closed sales fell in the $500,000 to $699,000 price range in the first half of 2009 - compared to a total of 278 closed sales for 61.4% of all closed sales in 2005.  Barely worth mentioning are the 3 closed sales (less than 1%)  between $700,000 and $999,000.

What does this all mean?  Simply this...demand is still strong for housing in San Leandro and the greater Bay Area.  Prices have come back to earth, and as long as a property is priced correctly and competively, the buyers are waiting in the wings, not sitting on the fence!

Questions?  Want more?  Email us at Since1923@deadrich.com