Tighter Real Estate Market Means Fewer Homes Sold In Redwood City, Woodside

• The median sales price in zip code 94061 was $840,000, a 27.4 percent increase from a year ago.
• In zip code 94063, the median sales price topped $550,000, a 21.4 percent increase.
• The median sales price in zip code 94065 was $926,000, a 31.3 percent increase from a year ago.

In Woodside, the median sales price in March was $1.45 million, a 36.8 percent increase from a year ago.

Due to a lack of inventory, home sales have declined  slightly—0.6 percent—in the nine-county Bay Area. In San Mateo County, the decline was 14 percent. 

In Woodside, there were 41 homes sold in March, an 13.9 percent increase from March 2012. Fifty-four homes sold in Redwood City in March. Sales in zip code 94061 grew 3.4 percent from March 2012, while they fell 42.9 percent in zip code 94063 and 25 percent in zip code 94065.

Meanwhile, RealtyTrac reports the number of single-family building permits nationwide increased 27 percent in the first quarter of 2013 to the highest level since 2008.

At the same, the number of foreclosure starts nationwide declined 27 percent to their lowest level since 2006.

In fact, the number of building permits issued and foreclosure starts were roughly the same for the first time since 2007.

In Redwood City, 13 building permit were issued during the first three months of this year, compared to 12 during the same time period last year. There were 16 foreclosure starts, compared to 75 in the first quarter of 2012.

Woodside had two building permits issued in the first three months of the year, up from none during that time frame in 2012.