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Business & Tech

Redwood City Real Estate Market Sees A Jump in Closed Sales Last Week

Our weekly Redwood City real estate market snapshot.

Eddie Lam, Neighbor
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The number of closed sales in Redwood City has jumped to 22 in the past seven days - a 70 percent jump compared to last week.

The California Association of Realtors (CAR) reported an increase in pending home sales in August.  In Redwood City, the number of August pending home sales was about the same as in July. (Pending home sales are forward-looking indicators of future home sale activity, providing information on the future direction of the market)

CAR also reported that Real Estate-Owned sales (REOs) made up 24.4 percent of those in August.  In Redwood City, that number is only 7 percent, which tells us that Redwood City is doing much better that other areas in California.

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The conforming loan limit is scheduled to be adjusted to $625,000 beginning Oct 1, 2011, down from the current $729,750 limit.  Some bills have been introduced to make the higher limit permanent; however, nothing has been passed yet.

No. of listings 176 No. of REOs (real estate-owned, by a bank, government agency, etc.) 9 No. of short sales 28 No. of regular sales 139 No. of new listings last week 20 No. of listings that had a price increase last week 1 No. of listings that had a price decrease last week 16 No. of listings that became pending last week 19 No. of properties sold last week 22 Inventory level 2.76 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 1090 MAIN STREET,#202 $202,000 1 1|0 680 2915 CROCKER AVENUE $240,000 3 1|0 -- 2308 SPRING STREET $285,000 3 1|0 1,110 925 15TH AVENUE $315,000 3 1|0 1,040 2843 MARLBOROUGH AVENUE $341,000 2 1|0 840 43 CENTRAL AVENUE $455,000 2 1|1 1,720 528 JACKSON AVENUE $467,000 3 1|0 1,080 1217 ALAMEDA DE LAS PULGAS  $510,500 3 1|0 970 1182 King STREET,#A-B $560,000 2 2|0 1,111 2737 BRISTOL WAY $595,000 3 1|0 1,020 845 LAKESHORE DRIVE $620,000 2 2|0 1,892 1528 FERNSIDE STREET $650,000 3 2|0 1,510 1636 MADDUX DRIVE $740,000 3 1|0 1,020 2020 MADISON AVENUE $745,000 3 2|0 1,360 467 STARBOARD DRIVE $830,000 3 2|0 1,370 419 BARK DRIVE $860,000 3 2|1 2,220 505 JETER STREET $875,000 3 2|1 2,195 18 PORTOFINO CIRCLE $890,000 3 2|1 1,970 911 WHITEHALL LANE $916,000 3 2|1 1,840 180 LAKEVIEW WAY $940,000 3 2|1 1,846 641 MARLIN COURT $1,275,000 3 2|1 2,070 595 MARLIN COURT $1,669,000 4 3|1 3,881

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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