December 2009 Housing Inventory Stats
East Bay Housing Inventory Falls 50%
The year 2009 ended with Months of Inventory being less than half of the inventory that we had in December 2008, 1.91 this December vs. 4.27 in 2008.
The average for the 27 communities measured was almost the same as in November, 1.93 vs. 1.91 in December. There were fifteen communities with a slight increase in Months of Inventory and twelve with a decrease. Danville, Alamo, Walnut Creek, & San Ramon averaged 2.79 in December, 2.76 in November and 6.79 in December 2008.
The market influences that were in effect in November were the same for December. In fact the last six months have been fairly constant. Historically low interest rates, as low as 4.75%, 30 year fixed conforming in December, the improvement in the availability of financing, the government incentives of up to $8,000 tax credit for first time buyers and up to $6,500 tax credit for repeat buyers, more attractive terms and increased loan limits for FHA financing have kept the demand strong and inventory low.
All current indications are that this trend will continue for a while, but industry experts and economists are expecting interest rates to rise. Higher interest rates will shrink the buyer pool and lead to some loss of activity in the market as consumers adjust to the market change. The current historically low interest rates are being held in check by the Federal government – something that cannot continue.
The opportunity is now for buyers to take advantages of these favorable factors.
| Months of Inventory | 12/31/2009 | ||
| Community | # of Active | Pending Sales | Mos. Inventory |
| Danville | 118 | 43 | 2.74 |
| Alamo | 76 | 14 | 5.43 |
| Walnut Creek | 182 | 42 | 4.33 |
| San Ramon | 103 | 73 | 1.41 |
| AVERAGE | 120 | 43 | 2.79 |
| Dublin | 71 | 44 | 1.61 |
| Pleasanton | 116 | 49 | 2.37 |
| Livermore | 182 | 84 | 2.17 |
| AVERAGE | 123 | 59 | 2.08 |
| Blackhawk | 46 | 6 | 7.67 |
| Diablo | 10 | 1 | 10.00 |
| AVERAGE | 28 | 4 | 7.00 |
| Concord | 197 | 126 | 1.56 |
| Pleasant Hill | 48 | 25 | 1.92 |
| Martinez | 125 | 35 | 3.57 |
| Clayton | 29 | 6 | 4.83 |
| Rossmoor | 111 | 21 | 5.29 |
| AVERAGE | 102 | 43 | 2.37 |
| Lafayette | 47 | 9 | 5.22 |
| Orinda | 36 | 8 | 4.50 |
| Moraga | 30 | 11 | 2.73 |
| AVERAGE | 38 | 9 | 4.22 |
| Pittsburg | 138 | 96 | 1.44 |
| Antioch | 194 | 169 | 1.15 |
| Brentwood | 137 | 114 | 1.20 |
| Oakley | 116 | 78 | 1.49 |
| AVERAGE | 146 | 114 | 1.28 |
| Castro Valley | 79 | 43 | 1.84 |
| Fremont | 251 | 122 | 2.06 |
| Hayward | 264 | 163 | 1.62 |
| San Leandro | 105 | 75 | 1.40 |
| San Lorenzo | 27 | 32 | 0.84 |
| Oakland | 572 | 292 | 1.96 |
| AVERAGE | 216 | 121 | 1.79 |
| Totals | 3410 | 1781 | 1.91 |
| Average | 126 | 66 |
1.91 |
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