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Local Real Estate Report: Inventory Has Gone Up, But Listings Remain Low

A Redwood City real estate market update - see data on listings, price averages and more, plus see what local properties have sold lately.

The local inventory level has gone up a bit, to 1.54 months of supply - however, the reason is due to a smaller number of properties sold recently as a result of tight inventory. 

The number of listings has gone up a little bit since September to over 100, but that is in comparison to about 170 listings at the same time last year. 

The September sales data is out. There was a slight dip in prices in August, however, by looking at the overall trend, that might be just a one-time event.

Multiple-offer situations are still the "norm" in the current market.  Please see the attached diagram.

The 30-year fixed mortgage has reached a new low, at 3.36%.

No. of listings 106 No. of REOs (real-estate owned, by a bank, government agency, etc.) 1 No. of short sales 6 No. of regular sales 99 No. of new listings last week 34 No. of listings with a price increase last week 1 No. of listings with a price decrease last week 6 No. of listings that become pending last week 12 No. of properties sold last week 10 Inventory level 1.54 months

Homes sold this week (data source from MLS Listings Inc. and the San Mateo County Recorder's Office):

Address Closing Sales Price Beds Baths (F|P) Estimated Square Footage 407 5TH AVENUE $465,000 2 1|0 1,160 1067 17TH AVENUE $527,000 3 2|0 1,400 624 FLYNN AVENUE $605,000 5 4|1 2,462 373 MERIDIAN DRIVE $685,000 3 2|1 1,400 642 PARK ROAD $694,000 2 2|0 1,320 346 BERESFORD AVENUE $725,000 3 2|0 1,720 338 LOWELL STREET $917,000 3 2|0 1,210 3896 HARVEST DRIVE $929,000 4 2|1 1,950 173 NEVADA STREET $1,198,000 4 4|0 2,407 2 ALVERNO COURT $1,275,000 2 2|2 2,510

Note: These statistics are generated using information from the MLSListings Inc. multiple listing service, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.  Neither Patch.com nor MLS Listings Inc. guarantees the completeness or accuracy of the information.

 

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