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Mortgage Rate Continues Drop, Inventory Level Improves

Your Redwood City real estate market weekly update

The inventory level has improved slightly in Redwood City, currently at 1.19 months supply.

The number of active listings is at 97, which is at the highest level since May. However, it is still only around 50% of what we had last year. 

The number of new listing is 25, which is on a steady up trend since June, which is also good news, since regular sale is 91.75% of the market share. If this number keeps growing, it'll ease the inventory shortage problem.  It also reflects that non-distressed property owners are more willing to put the properties on the market as the price continues to go up.

According to the Freddie Mac survey, the 30 year mortgage rate has dropped to a historical low level at 3.49%, comparing to the 3.53% from last week.  This will continue to help the market, since the monthly mortgage payment will be lower and potential buyers are more willing to pay a more expensive price on the property.

No. of listings 97 No. of REOs (real estate owned, by a bank, government agency, etc.) 1 No. of short sales 7 No. of regular sales 89 No. of new listings last week 25 No. of listings has price increase last week 1 No. of listings has price decrease last week 4 No. of listings become pending last week 12 No. of property sold last week 23 Inventory level 1.19 months

According to the June 2012 sales and price statistics from California Association of Realtors, the overall market in the Bay Area has shown improvement comparing to May 2012 and a year ago.  Both San Mateo County and Santa Clara County has shown price improvement over 10%.

June 2012 Median Price of Existing Single-Family Homes Sales State/Region/County Jun-12 May-12   Jun-11   MTM% Chg YTY% Chg MTM% Chg YTY% Chg CA SFH (SAAR) $320,540 $316,410   $296,410   1.3% 8.1% -8.6% 8.5% CA Condo/Townhomes $248,270 $243,670   $232,230   1.9% 6.9% -2.8% 1.6% S.F. Bay Area $577,640 $550,400   $537,980   4.9% 7.4% -0.6% 3.5%                     S.F. Bay Area Jun-12 May-12   Jun-11   MTM% Chg YTY% Chg MTM% Chg YTY% Chg Alameda $493,240 $485,660   $485,870   1.6% 1.5% 12.1% 16.3% Contra-Costa (Central County) $698,810 $671,100   $658,700   4.1% 6.1% -1.6% 10.8% Marin $823,980 $791,670   $843,080   4.1% -2.3% 1.8% 3.7% Napa $357,410 $343,750   $350,000   4.0% 2.1% -7.7% 20.2% San Francisco $741,850 $717,500   $695,910   3.4% 6.6% 8.3% 1.6% San Mateo $825,000 $775,000   $735,000   6.5% 12.2% 4.0% 3.8% Santa Clara $695,000 $643,500   $623,000   8.0% 11.6% -10.9% -5.8% Solano $208,020 $192,980   $189,790   7.8% 9.6% -7.0% -11.5% Sonoma $359,570 $342,520   $327,430   5.0% 9.8% 5.3% 15.3%

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 648 2ND AVENUE $220,000 2 1|0 720 704 8TH AVENUE $311,000 2 1|0 770 441 CORK HARBOUR CIRCLE,#A $385,000 2 2|0 900 601 BALTIC CIRCLE,#633 $400,000 1 1|1 927 1026 IRIS STREET $464,000 2 1|0 920 1163 CLEVELAND STREET $540,000 2 2|0 1,230 50 HORGAN AVENUE,#3 $565,000 3 2|0 1,550 96 CENTRAL AVENUE $615,000 3 2|1 1,620 805 MENDOCINO WAY $630,000 3 2|1 1,733 227 ALEXANDER AVENUE $640,000 2 1|0 920 548 SHOREBIRD CIRCLE,#3204 $655,000 3 2|0 1,800 2523 ROOSEVELT AVENUE $680,000 3 1|0 980 46 MURRAY COURT $699,000 3 2|0 1,865 336 MERIDIAN DRIVE $745,000 3 2|1 1,610 1328 KENTFIELD AVENUE $840,000 4 2|1 1,990 996 GLENNAN DRIVE $885,000 4 2|1 1,630 505 JETTY WAY $959,000 3 2|1 1,630 212 BRIGHTON LANE $965,000 4 2|1 2,060 998 PLEASANT HILL ROAD $971,000 4 2|1 1,630 10 PORTOFINO CIRCLE $1,081,000 4 2|1 2,490 355 PALOMAR DRIVE $1,099,000 4 3|0 2,350 811 PORTMAN DRIVE $1,276,000 4 3|0 2,660 782 GLENMERE WAY $1,400,000 4 3|1 2,930

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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andreaenriquez1 July 30, 2012 at 06:03 AM
Though loans may be more difficult to get than a few years ago, 123 Refinance is still helping plenty of people. It's back to common sense underwriting, and guidelines to make the refinance possible for you.

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