OK, I admit it — sometimes I’m just too impressed by what one can do with aliteration to think things through. When I was a kid the other kids would accuse me of being aliterate. At least I think that’s what they said.
So I’m not sure if there’s really any kind of feeding Frenzy going on in Fremont, but boy it made a good title. Less poetically, one might say that Fremont’s real estate market is down like everyone else, but holding its own considering what other areas are seeing.
Appreciation from last July to this July has been low, with the median sale price up 5.03%, the average up 2.4%, and the sale price per square foot rising a mere 1.8%. And unit volume is way off, down 42% from last year’s 270 units to a total number sold this year of 157. Inventory is somewhat high by bay area standards, at 3.8 months — in other markets this would hardly be considered a disaster.
Strangely enough, however, this year’s expired numbers (26 total, 16.6% expired to sold ratio) are actually better than last year’s (47 total, 17.4% ratio). Perhaps more than anything else this points up how hard-wired the human brain is to expect regularity in the data. Sometimes the data have other ideas.
The average home sold in Fremont in July for $456 per square feet, listing for $698,901 and selling for $696,856. The median sale price was $680,000.
August 14th, 2006 at 11:55 pm
I think you are right about the hard wired comment. I believe that most people has accepted that their house will now remain on the market longer than fifteen minutes and are adjusting their expectations accordingly. Things are slower, but people are still moving and buying and selling homes.
RW
May 20th, 2007 at 11:45 pm
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