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Community Corner

Real Estate Prices Up since New Year

There has been less inventory as well.

Eddie Lam, Neighbor
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The real estate price has gone up since Dec 2011, the number of inventory has been on the down trend since mid February, which is a factor contributing to the up trend in price.

I have heard potential buyers saying that the banks are withholding inventory which is why prices have gone up. However REO listing is only approximately 3% of the overall market in Redwood City.

Let's also look at the trend in NOD (notice of default) filing, which is the first step in the foreclosure process.  According to Foreclosure Radar, both the NOD filing and the foreclosure inventory have been on the down trend since Aug 2011.  http://www.foreclosureradar.com/california/san-mateo-county-foreclosures

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With REO inventory going down, the chance of REO inventory flooding the market and driving down the price is slim.

No. of listings 92 No. of REOs (real estate owned, by a bank, government agency, etc.) 3 No. of short sales 14 No. of regular sales 75 No. of new listings last week 16 No. of listings has price increase last week 2 No. of listings has price decrease last week 12 No. of listings become pending last week 18 No. of property sold last week 25 Inventory level 1.64 months

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

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Address Closing Sale Price Beds Baths (F|P) Estimated Square Footage 193 BERKSHIRE AVENUE $275,000 2 1|0 770 411 SPRUCE STREET $281,000 3 2|0 1,130 309 DUMBARTON AVENUE $312,000 2 1|0 930 756 7TH AVENUE $332,000 2 2|0 1,000 544 SHOREBIRD CIRCLE,#25204 $400,000 2 2|0 1,326 4062 FARM HILL BOULEVARD,#8 $425,000 2 2|0 1,332 737 6TH AVENUE $438,000 2 1|0 1,010 108 SYDNEY LANE $458,250 3 2|1 1,405 767 BARNEGAT LANE $490,000 2 2|0 1,359 2304 CHESHIRE WAY $550,000 3 2|0 1,790 322 BERESFORD AVENUE $585,000 3 1|1 1,010 726 SAPPHIRE STREET $650,000 3 1|0 1,560 162 ALEXANDER AVENUE $688,000 3 2|0 1,450 547 MARTINIQUE DRIVE $698,000 3 2|0 1,560 264 GRAND STREET $700,000 2 1|0 1,070 1159 CHESTERTON AVENUE $710,000 3 1|0 1,120 46 TUM SUDEN WAY $734,300 3 2|0 2,220 1777 ROSEMARY LANE $771,000 3 2|0 1,440 3730 FARM HILL BOULEVARD $810,000 4 2|0 1,560 235 ISLEFORD LANE $876,000 3 2|1 1,690 1035 TWIN OAKS COURT $1,050,000 4 2|1 2,660 503 LAKE BOULEVARD $1,068,000 4 3|0 1,980 3671 HIGHLAND AVENUE $1,230,000 3 2|1 2,820 647 SUNSET WAY $2,100,000 5 4|1 4,594 650 VISTA DRIVE $2,220,000 5 4|1 4,480

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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