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Record Low Mortgage Rate Hits

Your Redwood City real estate market weekly update

The Redwood City inventory remains low at around a one month supply. The good news is that it is not going down any more. 

Also, the number of new listings has gone from 15 to 23 this week.  The June sale data for Redwood City is available, both the average price and median price continues to go up. However, it is showing sign of slow down.

The mortgage rate has dropped to a record low this week to 3.56%. 

California Governor Jerry Brown has signed the Homeowner Bill of Rights into law this week.  One of the components is prohibiting "dual track" foreclosure, which means while borrowers are working on loan modification, lenders cannot proceed with foreclosure. 

On the surface, it is a good plan to protect consumers, however, it makes the cost of lending higher in California. Eventually the cost will be passed to the consumers.  The law will become effective on January 1, 2013.

No. of listings 90 No. of REOs (real estate owned, by a bank, government agency, etc.) 0 No. of short sales 4 No. of regular sales 86 No. of new listings last week 23 No. of listings has price increase last week 1 No. of listings has price decrease last week 3 No. of listings become pending last week 11 No. of property sold last week 25 Inventory level 1.11 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 528 MACARTHUR AVENUE $297,500 3 1|0 880 214 SHOREBIRD CIRCLE $327,000 2 2|0 1,018 103 SHOREBIRD CIRCLE $334,000 1 1|0 823 491 OAK AVENUE $455,000 2 2|0 1,150 532 SHOREBIRD CIRCLE,#6201 $530,000 2 2|0 1,326 50 HORGAN AVENUE,#47 $560,000 3 2|0 1,550 427 AVENUE DEL ORA  $650,000 3 2|0 1,750 419 ALAMEDA DE LAS PULGAS  $692,500 2 2|1 1,410 4 COUNTRY LANE $715,000 3 2|0 1,550 206 DEMI LANE $749,000 3 2|1 1,812 562 LAKEVIEW WAY $750,000 3 2|0 1,110 350 BELMONT AVENUE $820,000 2 2|0 1,060 831 CHESTERTON AVENUE $845,000 2 2|0 1,390 2627 OHIO AVENUE $899,900 6 3|0 2,220 1222 DEWEY STREET $912,000 3 2|0 1,640 5 RIVIERA CIRCLE $940,000 3 2|1 1,970 511 SEASTORM DRIVE $980,000 4 2|1 1,860 115 HILLVIEW AVENUE $1,100,000 3 2|0 1,760 601 HARRISON AVENUE $1,157,000 5 4|1 3,475 965 EMERALD HILL ROAD $1,160,000 3 3|0 2,100 260 MYRTLE STREET $1,300,000 5 4|0 2,920 29 HUDSON STREET $1,390,000 4 2|1 3,000 856 CORRIENTE POINT DRIVE $1,640,000 4 3|0 2,922 163 SPRINGDALE WAY $1,650,000 4 3|1 3,220 401 EDGEWOOD ROAD $1,700,000 4 2|2 3,350

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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