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Real Estate Inventory Level Remains at 1.2 Months Supply

Patch provides your Redwood City weekly real estate market update.

 

The inventory level remains at 1.2 months supply in Redwood City, which is slightly better than the 1 month supply in May and June. 

The number of new listings in the market has dropped to 18 this weeks.

Four weeks ago, there were 23 new listings.

No. of listings 99 No. of REOs (real estate owned, by a bank, government agency, etc.) 2 No. of short sales 7 No. of regular sales 90 No. of new listings last week 18 No. of listings has price increase last week 0 No. of listings has price decrease last week 5 No. of listings become pending last week 13 No. of property sold last week 18 Inventory level 1.2 months

Many people still believe the banks are withholding the inventory from the market, however, another major factor is individual owners are also withholding inventory from the market, since the property is upside down and they can't sell it, which is also a factor contributing to the low inventory level.

ForeclosureRadar has reported a 41.7% decline in foreclosure sale in CA comparing to July 2011, however it jumped 10.4% when compared to June 2012. Notice of default, the first step in forclosure process, still on a continuous down trend in San Mateo, for details, please go to http://www.foreclosureradar.com/california/san-mateo-county-foreclosures

The June sale data in Redwood City confirmed a very strong uptrend in the market.  The average price is at the highest since Aug 2011.

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 19 CLAREMONT AVENUE,#10 $382,000 2 2|0 982 861 PORTWALK PLACE $451,000 2 2|0 850 334 MCEVOY STREET $470,000 3 2|0 2,120 827 9TH AVENUE $501,711 2 1|0 1,390 2603 HASTINGS SHORE LANE $510,000 2 2|0 1,048 601 LEAHY STREET,#207 $520,000 3 2|0 1,555 1137 CHESTERTON AVENUE $590,000 3 2|0 1,240 38 EDDYSTONE COURT $600,000 2 2|0 1,359 334 B STREET $615,000 3 1|0 1,200 621 JAMES AVENUE $645,000 2 1|0 1,010 1911 HARDING AVENUE $704,000 3 2|0 1,260 1271 WESTWOOD STREET $760,000 3 1|0 980 507 LANYARD DRIVE $761,000 3 2|0 1,320 2448 OREGON AVENUE $800,000 3 1|0 1,160 139 ALAMEDA DE LAS PULGAS  $815,000 2 2|0 1,490 309 SANDHURST STREET $1,175,000 4 3|0 2,710 130 KERRI COURT $1,180,000 4 2|1 2,260

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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