East Bay real estate trends mirrored the larger California real estate market with an upswing in homes going into contract during the month of May.
In fact, this marks the sixth month in a row that the East Bay market – comprised of homes in Contra Costa County and Alameda County – has shown increases. As we described in our California Housing report, the statewide numbers reversed an 18 month decline.
May 2011 shows a 25% increase over the same month two years ago and a 33% rise from May 2010. This is a substantial increase to say the least!
East Bay Real Estate Trends – May 2011
As we look at the graph below, we see a lot of good news.
East Bay Real Estate Trends showing a sixth straight monthly gain for Contra Costa and Alameda County home sales
The bars themselves tell a large part of the story. First, it illustrates the steady decline since mid-year 2009, followed by the optimistic Spring of 2010.
However, that spike in market activity was short-lived. As the year progressed, we seemed to settle in to months of anemic market activity until the end of the year.
Plagued by the possibility of bank-owned REO properties flooding the market and a seemingly endless supply of short-sale and pre-foreclosure homes about to come onto the market, Buyers seemed to be taking a wait and see approach to the market.
But, in spite of unsettling news about the state, national, and world economies, the market seemed to find its footing as we entered the Spring months. It posting steady and substantial gains from 2100 units in January to 3348 homes going into contract during the month of May!
The curved line shows a similar story, with its upward curve extending back to Fall 2010.
This data represents residential resale homes in Contra Costa and Alameda County. They include condominiums, townhouses, duet homes, patio homes, and detached single family homes without filtering for bedroom, bathroom, square footage or price.
With the broader California market posting only one month of year-over-year increases, it is far too early to conclude that it is on its way to recovery. In the East Bay counties of Contra Costa and Alameda County, however, this sixth straight month of year-over-year gains comes as welcome news to East Bay homeowners.
California Association of Realtors (CAR) President Beth Peerce has been quoted as saying CAR economists predict a better 2011 for California real estate owners than a 2010 turned out to be.
These East Bay real estate trends show Contra Costa and Alameda County are already off to a great start!
Incoming search terms for the article:
- east bay real estate trends
- housing market in california decline steady or 2011
- east bay realty trends
- east bay califro home sales increasing
- contra costa county homes sales reports
- rent trend alameda county 2011
- rental trends alameda ca
- home sale report in contra costa county
- 2011 bay area rental trends
- alameda county real estate trends
Related posts:
