Third Quarter Housing Update 2010

Housing prices and units sold have been a mixed bag so far this year. While the number of units sold in both condos and detached single family properties on a monthly basis has remained steady or up slightly from 2009, I expect that by the end of 2010 we will see basically the same statistics in the sales volume column as we saw for last year.

Dublin

The average median price for condos in 2010 remains basically flat when compared to 2009. So far the average median price through September 30, 2010 is $356,000 compared to $358,000 for all of last year. Single family detached homes are up about 2% so far this year from a year end average median sales price of $594,000 in 2009 to $605,000 through September 30 of this year. The number of units sold for both condos and single family detached properties remain almost the same in both categories per month for both 2009 and 2010.

Livermore

Apparently, Livermore has been plagued by far more short sales and REO properties than both Dublin and Pleasanton. Condos show an average median price drop of 18% between 2009 and 2010, from an overall median price of $243,000 in 2009 to $199,000 for the last nine months of 2010. January and February of 2010 saw an average median condo sales price for units closed at $149,000 and $132,000 respectively. These two months dragged down the overall average median prices for the whole year. Spring saw the prices rebound for condos in Livermore, however August and September could not climb out of the hole with the average median prices for those two months around $180,000. Units sold per month improved slightly so far in 2010 in comparison to 2009.

Pleasanton

Increasingly, high end selling prices in Pleasanton for both condos and single family detached properties impacted the average median sales price while the number of units sold also increased. Pleasanton average median condo prices have shot up 7%, from $385,000 in 2009 to $414,000 so far this year. Average unit sales are running 15 per month for 2010 when compared to an average closed sale volume of 13 per month for 2009 for condos in Pleasanton.

Pleasanton's single family detached properties have benefited from both volume of sales, and pressure from strong sales in the $1,000,000 to $2,000,000 plus price category. The average median sales price is up to $748,000 so far in 2010, a 6% price increase from the $708,000 average median sales price for all of 2009. The average sales price in Pleasanton for single family detached properties was $881,000 for September 2010, up 7.5% from September 2009.

As is the normal economic condition in the San Francisco Bay Area, the Valley shows bright spots and not so bright spots in price increases. Pleasanton seems to be poised to climb in both volume of sales and price appreciation in 2011. Dublin, to a lesser degree is keeping pace with a slight upward trend in single family detached homes. Livermore is slowly recovering with regard to single family detached properties, while the condo market in Livermore appears to be suffering with short sales and bank owned properties inflicting a drag on any hoped- for price appreciation so far this year.

Final statistics and comments for the entire year of 2010 will be available when Bay East Board of Realtor statistics come out in the middle of the first quarter 2011.