After falling for four straight years, sales of single-family, re-sale homes rose in Alameda County in 2008, gaining 10.6%. Condo sales continued to fall last year, and were off for the fourth year in a row, dropping 19.8%.
In a reversal of 2007 where home sales were down in the low-end of the market, sales in 2008 were greatest in that segment of the market. Also, it was the entry-level market which suffered the greatest price declines, while the high-end market saw only moderate declines.
| 2008 Sales Statistics | ||||||||
| (Single-family Homes) | ||||||||
| Prices | Unit | Change from last year | ||||||
| Median | Average | Sales | DOM | SP/LP | Median | Average | Sales | |
| County | $475,000 | $550,832 | 8,084 | 50 | 98.0% | -28.6% | -26.7% | 10.6% |
| Alameda | $650,000 | $693,472 | 286 | 45 | 97.9% | -8.5% | -6.1% | -12.0% |
| Albany | $655,000 | $649,379 | 61 | 27 | 100.7% | -2.8% | -5.1% | -37.8% |
| Berkeley | $758,000 | $815,779 | 433 | 33 | 101.7% | -2.2% | -10.0% | -7.7% |
| Castro Valley | $525,000 | $556,965 | 348 | 57 | 94.8% | -18.7% | -18.8% | 14.5% |
| Dublin | $630,000 | $661,851 | 259 | 55 | 96.9% | -13.8% | -15.9% | -5.8% |
| Fremont | $620,000 | $693,595 | 961 | 43 | 97.5% | -14.0% | -14.5% | -17.5% |
| Hayward | $324,900 | $356,591 | 1,029 | 55 | 98.4% | -40.4% | -38.6% | 115.7% |
| Livermore | $484,500 | $539,320 | 680 | 60 | 96.7% | -23.7% | -25.1% | -6.3% |
| Newark | $435,000 | $461,958 | 259 | 50 | 98.4% | -32.0% | -30.8% | 34.2% |
| Oakland | $325,000 | $454,378 | 2,010 | 49 | 98.6% | -45.8% | -33.3% | 17.3% |
| Piedmont | $1,232,000 | $1,582,523 | 73 | 26 | 99.2% | -7.4% | -1.1% | -30.5% |
| Pleasanton | $800,000 | $984,626 | 432 | 53 | 95.5% | -3.6% | -2.9% | -30.4% |
| San Leandro | $380,000 | $390,590 | 657 | 53 | 97.9% | -27.6% | -28.0% | 48.6% |
| San Lorenzo | $350,000 | $353,119 | 264 | 54 | 98.9% | -33.9% | -32.6% | 100.0% |
| Union City | $492,000 | $520,859 | 328 | 52 | 97.8% | -27.1% | -26.7% | 28.1% |
If the story of the year in 2007 was the credit crunch, or as we now know, the beginning of the credit crunch, the story in 2008 was foreclosures. Bank-owned property dominated sales and pushed statistical prices down sharply.
The only good news in 2008 was that sales started rising, year-over-year, in the last six months of the year, as bargain hunters snapped up bank-owned properties. The market won't return to normal until the REO properties are flushed from the system. Increasing sales is the first sign of this happening, and we expect prices to firm up this year.
| Alameda County | ||||||||
| (Single Family Homes) | ||||||||
| Prices | Other | Percent Change | ||||||
| Average | Median | Sold | DOM | SP/LP | Average | Median | Sold | |
| 1999 | $329,249 | $289,000 | 14,448 | 31 | 100.5% | |||
| 2000 | $419,377 | $363,800 | 13,796 | 21 | 103.5% | 27.4% | 25.9% | -4.5% |
| 2001 | $446,291 | $394,000 | 10,751 | 27 | 100.1% | 6.4% | 8.3% | -22.1% |
| 2002 | $493,983 | $435,000 | 13,101 | 26 | 100.4% | 10.7% | 10.4% | 21.9% |
| 2003 | $520,771 | $464,950 | 14,002 | 29 | 99.8% | 5.4% | 6.9% | 6.9% |
| 2004 | $613,225 | $550,000 | 13,519 | 21 | 102.2% | 17.8% | 18.3% | -3.4% |
| 2005 | $720,669 | $650,000 | 11,847 | 19 | 103.3% | 17.5% | 18.2% | -12.4% |
| 2006 | $727,079 | $650,000 | 10,220 | 28 | 100.0% | 0.9% | 0.0% | -13.7% |
| 2007 | $751,487 | $665,500 | 7,309 | 36 | 99.2% | 3.4% | 2.4% | -28.5% |
| 2008 | $550,832 | $475,000 | 8,084 | 50 | 98.0% | -26.7% | -28.6% | 10.6% |
| Alameda County | ||||||||
| (Condominiums) | ||||||||
| Prices | Other | Percent Change | ||||||
| Average | Median | Sold | DOM | SP/LP | Average | Median | Sold | |
| 1999 | $197,514 | $184,000 | 3,558 | 24 | 100.2% | |||
| 2000 | $258,236 | $242,000 | 3,638 | 18 | 102.7% | 30.7% | 31.5% | 2.2% |
| 2001 | $297,630 | $281,500 | 2,786 | 25 | 99.9% | 15.3% | 16.3% | -23.4% |
| 2002 | $315,936 | $299,000 | 3,520 | 26 | 99.9% | 6.2% | 6.2% | 26.3% |
| 2003 | $333,076 | $315,000 | 3,922 | 29 | 99.8% | 5.4% | 5.4% | 11.4% |
| 2004 | $377,792 | $360,000 | 3,864 | 18 | 102.2% | 13.4% | 14.3% | -1.5% |
| 2005 | $458,379 | $439,000 | 3,592 | 17 | 103.2% | 21.3% | 21.9% | -7.0% |
| 2006 | $463,370 | $440,000 | 3,160 | 32 | 99.8% | 1.1% | 0.2% | -12.0% |
| 2007 | $460,923 | $439,000 | 2,317 | 40 | 98.7% | -0.5% | -0.2% | -26.7% |
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