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Real Estate Inventory Continues Steady Upward Trend

Your weekly Redwood City real estate market snapshot.

The Redwood City real estate inventory has gone up to three months supply this week, and the number of active listings has edged up to 178. 

At the same time, both the number of pending sales and number of closed sales are on a downward trend, which is typical after the summer buying season.  The debt crisis in Europe and the weakened stock market also contributed to the slow down.

The distressed inventory remains stable in Redwood City, there are ten REO listings and 27 short sale listings this week, which is about 20% of the overall market.

No. of listings 178 No. of REOs (real estate owned, by a bank, government agency, etc.) 10 No. of short sales 27 No. of regular sales 141 No. of new listings last week 20 No. of listings has price increase last week 1 No. of listings has price decrease last week 13 No. of listings become pending last week 13 No. of property sold last week 11 Inventory level 3 months

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 533 WARRINGTON AVENUE $295,000 2 1|0 950 92 PELICAN LANE $360,000 1 1|0 1,062 710 BEECH STREET $375,000 2 1|0 1,240 603 OAK RIDGE DRIVE $381,000 2 1|0 740 331 HILLVIEW AVENUE $438,500 3 1|1 1,010 1031 VERA AVENUE $605,000 3 1|0 1,330 551 OAK RIDGE DRIVE $661,350 3 2|0 1,160 145 NEVADA STREET $800,000 3 2|0 1,630 303 WARWICK STREET $900,000 3 2|0 1,990 210 UPLAND COURT $1,310,000 5 3|1 3,500 2446 LAKE BOULEVARD $1,400,000 4 3|1 3,180

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.

Cliff Keith October 23, 2011 at 11:10 PM
This is very interesting. From the numbers stated it looks like we are in a Seller's Market in Redwood City because of more home being taken off the market for sale compared to new homes coming on to the market. Additonally, it looks like the number of homeowners who lowered their asking price compared to the number of new homes on the market sits at 45%! Interesting. Good blog Eddie Lam.

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