Alameda Market Update for 11/6/2006

The market in Alameda this week is picking up momentum. Although prices have gradually come down over the last 6-9 months lenders rates have also dropped into the high 5% and low 6% ranges depending upon buyers qualifications. The homes that have been lingering on the market below the $775,000 range over the last few months are now beginning to see offers submitted on them and they are going pending. We feel the lower inventory coupled with the lower interest rates is bringing some life into the market. How long it lasts is anybodys guess.

Throughout the market slump however executive homes priced over $775,000 and over the $1,000,000 mark have not seen much inactivity, unless they are severly overpriced. There have been homes in the $900,000 and above that have received multiple offers in the last few months.