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Research NotesMed. Price for 2005 and 2006 based on figures from DataQuick: http://www.dqnews.com/ZIPCAR2006.shtmCurrent Med. Price and 2007 Med Price based on information from Altos ResearchMedian List Prices and Estimated Values as of August, 2007Year-over-year (YOY) price change current as of June 2007 (Source: DataQuick)DOM (days on market) as of June, 2007. Source: Zip RealtyVacancy rate from the 2006-2007 survey by the Rental Housing Association of Northern CaliforniaProperty taxes vary within a range of 1.22% to about 1.37%. Property taxes are based on assessed value; however, because of California's Proposition 13, increases per year are capped at an increase of approximately 1% of the original purchase priceNum. of Housing units: As of Jan. 1 2006. Source: Alameda County Community Development Agency. Number has likely increased substantially due to recent condo development in the downtown area.   Additional ResourcesCity Website: County Website: State Website: Local Chamber of Commerce: Local News Sources: Wikipedia Entry: Need more? Member ReviewsMember ReviewsLearn from market insiders and other investors who are familiar with this real estate market, but remember: the opinions below are just that. Always do your own research and due diligence before investing in a market. The average member ratings are shown above. If you are familiar with this market, please share your knowledge! Charts & TrendsMarket Charts & Trends
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Market ActionThe Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.  Median PriceThe median home price is the threshold which divides the real estate market into two equal halves, in reference to pricing. One half of all homes in the market were sold at a price above the median home price, while the other half were sold below that price. The median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them. The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the average since it is not as heavily influenced by the top 2% of homes sold, which may artificially skew prices higher.  Average List PriceThe average home price, or mean price , is the sum of prices of all homes sold in a certain area in a certain period, divided by the number of properties sold in the same area in that period. Average prices can be quite variable than median prices because they are disproportionately skewed by very high and very low prices. For this reason, median prices are favored by the real estate industry. Indeed, the average price can be quite different than the median price for the same sample group. For instance, if you are doing a sold properties report and the homes are very evenly distributed, the median and average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.  InventoryPut simply, the number of residential properties for sale in a given market. Rising inventory is usually interpreted as a sign a slowing market as complementation among listed properties puts downward pressure on prices. In fast growing areas where there is an abundance of new building, however, rising inventory may be temporary. Cross referencing the inventory chart with the median price chart can provide an illuminating picture of an area's housing market.  DOM (Days On Market)The days-on-market figure is a measure of how long it takes to sell the average home in a market. Together with other factors, DOM is used as a barometer of market health and an inidicator of housing demand. Areas with very short DOM figures are often experiencing very brick markets, much as the San Francisco Bay Area did in recent years when DOMs approached the single digits in areas. Very long DOM figures are seen as indicators of a slowing market, as properties languish on the market without buyers.  MapMap |
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