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Real Estate Update: Low Inventory Level in Redwood City

When everyone is 'waiting for the market to get better,' it leads to a low inventory level.

The inventory level in Redwood City's real estate market is very tight.

Currently there is only a 1.36-month supply. 

The main cause for this is that there has been a drop in regular sales. Sellers believe that if they hold off long enough, they'll get more when the market goes up. 

In the short sale arena, there are some new programs that can help upside-down home owners. More owners are going the loan modification route. 

When you combine these two factors, it leads to a drop in inventory. 

Similar scenarios can be seen throughout the Bay Area.  The number of bank-owned properties in Redwood City has remained at less than 10 in the market since last year.

Gallup's economic confidence index reached -20 in March, the highest level since January of 2008.  Also, according to the U.S. Census report, construction spending reached $808.9 billion in February of 2012, which is 5.8 percent higher than in February of 2011. However, it is 1.1 percent lower than the January 2012 figure.

 

No. of listings 86 No. of REOs (real estate owned by a bank, gov't agency, etc.)    2 No. of short sales 9 No. of regular sales 75 No. of new listings last week 15 No. of listings that had a price increase last week 2 No. of listings that had a price decrease last week 10 No. of listings that become pending sales last week 28 No. of properties sold last week 26 Inventory level 1.36 months

Homes Sold this Week (data sourced from MLS Listings Inc. and the San Mateo County Recorder's Office):

Address Price Beds Baths (F|P) SqFt 541 MACARTHUR AVENUE $270,000 2 2|0 1,760 38 PELICAN LANE $395,000 2 1|0 1,062 811 8TH AVENUE $400,000 2 1|0 1,090 586 SHOAL CIRCLE $445,000 1 2|0 1,323 108 D STREET $450,000 2 1|0 820 2523 ROOSEVELT AVENUE $502,000 3 1|0 980 4050 FARM HILL BOULEVARD,#9 $520,000 3 2|1 1,374 1618 LENOLT STREET $565,000 2 1|0 1,120 127 CYPRESS STREET $575,000 3 2|0 1,660 2683 WASHINGTON AVENUE $615,000 5 3|0 1,930 1707 HULL AVENUE $650,150 2 1|1 1,270 1402 KENTFIELD AVENUE $659,000 3 2|1 1,924 125 BONITA AVENUE $660,000 4 3|0 1,600 1257 CONNECTICUT DRIVE $720,000 3 1|0 1,490 2025 REDWOOD AVENUE $782,500 4 2|0 2,040 1740 WHIPPLE AVENUE $813,000 3 1|0 1,400 580 AVENUE DEL ORA  $895,000 4 3|0 2,160 870 BAYVIEW WAY $910,000 3 2|1 1,630 547 KING STREET $912,000 3 2|0 1,600 921 WHITEHALL LANE $950,000 4 3|0 2,170 372 BELMONT AVENUE $957,000 3 2|1 2,562 3010 WHISPERWAVE CIRCLE $985,000 4 2|1 1,860 2153 EDGEWOOD ROAD $995,000 3 3|0 2,170 669 SYLVAN WAY $1,250,000 3 2|1 2,000 519 UPLAND ROAD $1,250,000 4 3|1 2,800 175 IRIS STREET $1,475,000 4 3|1 2,865

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.


dorothybrowns April 09, 2012 at 08:52 AM
You will probably never see such a golden opportunity to refinance your mortgage loan in your lifetime, it is great time to check your rates are "Official Refinance" check it for yourself
Jim Somers April 09, 2012 at 02:32 PM
Eddie; Right you are. And there is another factor causing low inventory: the near absence of the move-up buyer. Tbis buyer/seller depends on the equity in their existing home to make the down payment on their move-up home. But large numbers of them have lost too much equity to have enough for the down payment on their next home. So they stay put. Thus, these homes just don't come on the market. They are a very importantpart of a dynamic market and their absence changes the demand-supply dynamic in favor of sellers and puts upward pressure on prices. Jim Somers Alain Pinel Realtors jim@at-home-redwoodcity.com
Colleen April 15, 2012 at 07:34 AM
I have friends that worked with my realtor Grant Anderson from Terrace Associates (650) 208-0664 and they were very happy. People need to qualify for loans and it has become a lot harder. Terrace/Grant was able to get one friend a bridge loan from a private investor so they could purchase there dream home while they sold there home.

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