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Local Real Estate Market Is Strong

Real Estate Inventory is very tight.

According to the lastet Case-Shiller index, the average home prices in the 10-City Composite dropped by 0.1% comparing to February and the 20-City Composit remained unchanged in March.

The index for the San Francisco Metropolitian area has gone up by 1%. However, you can see later in this article, the local market is very strong.

The real estate inventory level is very tight in Redwood City, the supply has dropped below 1 month, meaning at the current rate, all the houses listed on the market will be sold within a month if there is no new listings that come up on the market.

Starting June 15, Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to provide short-sale buyers an answer within 60 days.

No. of listings 76 No. of REOs (real estate owned, by a bank, government agency, etc.) 5 No. of short sales 6 No. of regular sales 65 No. of new listings last week 13 No. of listings has price increase last week 0 No. of listings has price decrease last week 4 No. of listings become pending last week 11 No. of property sold last week 26 Inventory level 0.93 month

According to the data California Association of Realtors, the price has gone up by about 10% in San Mateo County and Santa Clara County in April.  In San Francisco County, it has gone up by 6.8%

April-12 Median Price of Existing Single-Family Homes Sales State/Region/County Apr-12 Mar-12   Apr-11   MTM% Chg YTY% Chg MTM% Chg YTY% Chg CA SFH (SAAR) $308,050 $291,330 r $294,140 r 5.7% 4.7% 10.0% 11.0% CA Condo/Townhomes $240,410 $235,710 r $237,420 r 2.0% 1.3% -1.5% 4.0% S.F. Bay Area $526,370 $478,330   $488,940 r 10.0% 7.7% 5.3% 9.2%                     S.F. Bay Area Apr-12 Mar-12   Apr-11   MTM% Chg YTY% Chg MTM% Chg YTY% Chg Alameda $456,910 $425,000   $452,140   7.5% 1.1% 15.9% 12.5% Contra-Costa (Central
County) $626,970 $582,070   $553,160   7.7% 13.3% 21.7% 19.7% Marin $783,850 $672,620   $726,060   16.5% 8.0% 21.0% 53.1% Napa $363,890 $351,470   $306,820   3.5% 18.6% -5.8% 4.6% San Francisco $693,750 $649,390   $636,900   6.8% 8.9% -2.1% -4.2% San Mateo $745,000 $677,900   $700,000 r 9.9% 6.4% -3.5% 16.0% Santa Clara $636,000 $575,250   $578,000 r 10.6% 10.0% 6.6% -3.0% Solano $191,220 $194,310   $189,120   -1.6% 1.1% -12.6% 2.8% Sonoma $343,750 $317,650   $332,650   8.2% 3.3% 4.9% 24.9%

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

Address Price Beds Baths (F|P) Estimated Square Footage 10 NORTHUMBERLAND AVENUE $265,000 2 2|0 1,000 465 5TH AVENUE $270,000 3 1|0 1,070 139 SHOREBIRD CIRCLE $350,000 1 1|0 823 731 FULTON STREET $410,000 3 1|1 1,540 735 CEDAR STREET $420,000 2 1|0 910 175 ORCHARD AVENUE $525,000 2 1|0 910 432 BARNEGAT LANE $530,000 2 2|1 1,134 10 FLOWER STREET $540,800 3 1|0 980 50 HORGAN AVENUE,#58 $560,000 3 2|0 1,550 1414 HOPKINS AVENUE $725,000 3 2|0 1,810 805 MOHICAN WAY $728,000 3 1|0 1,330 819 COLUMBIA CIRCLE,#302 $745,000 2 2|1 1,650 2513 ROOSEVELT AVENUE $780,000 3 2|0 1,500 1252 FAIRVIEW AVENUE $800,000 3 2|0 1,650 315 BEACON SHORES DRIVE $850,000 3 2|1 1,500 314 NEVADA STREET $865,000 4 2|1 1,918 312 WHIDBEY LANE $920,000 4 3|5 2,198 2974 HASTINGS AVENUE $925,000 4 3|0 2,365 3597 ALTAMONT WAY $935,000 3 2|0 2,010 820 MOHICAN WAY $1,075,000 5 3|1 3,740 98 WATERSIDE CIRCLE $1,130,000 4 3|0 2,600 8 SEQUOIA COURT $1,145,250 4 2|1 2,400 333 EDGEWOOD ROAD $1,150,000 3 2|0 1,590 614 CROMPTON ROAD $1,330,000 4 3|0 2,980 267 WEST OAKWOOD BOULEVARD $1,350,000 4 4|0 2,680 919 FALLEN LEAF WAY $1,400,000 4 2|1 2,500

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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