July 2021

The red hot Alameda market has buyers wilting under the May and June record sale prices. Single family home sales in Alameda increased from 24 units sold to 51 units from June 2020 to June 2021. The average sale price increased from $1,179,416 this time last year to $1,711,970 which is a 45% increase. At these prices, buyers have become pickier about what they want to make an offer on so sellers need to play the underpricing game to motivate buyers to make an offer. If you're the only house for sale that isn't underpriced your house looks expensive by comparison. The big draws to buyers are a low teaser price, cosmetic improvements and outdoor living space which in all cases the more the better!

Low interest rates are currently still driving the market, but when those rates start ticking up, watch for the housing market to start cooling off as houses become less affordable in the long term. In the short term, summer vacations result in fewer offers as buyers finally get to travel again.