.

Home Sales Are Up, but Prices Are Down

Your weekly Redwood City real estate market snapshot.

The Redwood City real estate market is about the same as last week, the major change is the number of new listings has gone down to 15 this week, a 37.5% drop compare to last week.

According to data from the California Association of Realtors® (C.A.R.) California home sales rose for the third consecutive month in December. Sales also went up from a year ago, marking the sixth consecutive annual increase. 

However, the price went down in both San Mateo County and San Francisco County in December (please see the second chart below).

Nonetheless, inventory is still tight, with inventory level around two months in Redwood City. (in a normal market, there is usually six to seven months of inventory).

No. of listings 118 No. of REOs (real estate owned, by a bank, government agency, etc.) 5 No. of short sales 27 No. of regular sales 86 No. of new listings last week 15 No. of listings has price increase last week 1 No. of listings has price decrease last week 8 No. of listings become pending last week 13 No. of property sold last week 11 Inventory level 2.16 months

 

                    December 2011 County Sales and Price Activity
             (Regional and condo sales data not seasonally adjusted)

Dec-11 Median Price of Existing Single-Family Homes Sales

State/
Region/
County

Dec.
2011

Nov. 
2011

 

Dec.
2010

 

MTM% 
Chg

YTY% 
Chg

MTM% 
Chg

YTY% 
Chg

California 
Single-
family 
(SAAR)

$285,920

$280,960

 

$304,770

 

1.80%

-6.20%

3.30%

0.10%

California 
Condo/
Townhomes

$225,270

$224,720

 

$240,970

 

0.20%

-6.50%

13.80%

1.50%

San 
Francisco 
Bay Area

$455,750

$467,680

 

$495,520

 

-2.60%

-8.00%

6.30%

-1.40%

San 
Mateo County

$595,000

$735,000

 

$699,500

 

-19.00%

-14.90%

2.80%

-9.70%

Homeowners whose primary residence was forclosed between 2009 and 2010 and believed they were financially harmed during the process can request an independent review and potentially received financial compensation. For details, please go to http://www.independentforeclosurereview.com/

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

Address Closing Sale Price Beds Baths (F|P) Estimated Square Footage 43 COVE LANE $291,000 1 1|0 820 405 CORK HARBOUR CIRCLE,#F $405,000 2 2|0 1,136 6 SAINT MARYS PLACE $475,000 2 1|0 1,060 234 ORCHARD AVENUE $550,000 1 1|0 500 104 INNER CIRCLE $550,000 2 1|0 957 234 C STREET $598,000 3 2|0 1,424 557 QUARTZ STREET $641,000 2 1|0 1,070 952 JUNIPERO AVENUE $679,800 3 2|0 1,280 170 CERRITO AVENUE $775,000 3 2|0 1,782 460 KING STREET $890,000 4 2|0 2,280 32 DOCKSIDE CIRCLE $945,000 4 3|0 2,600

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.

Jesse M. January 26, 2012 at 08:23 AM
A real estate market that continues to forclose on people after being bailed out by taxpayer money, profits from predatory and discriminatory lending, and lets homes that could be used to house people in need lay empty is sick regardless of how many properties are sold. Also, housing costs in the Bay Area are downright disgusting!

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »