Real Estate Update: Redwood City Inventory Increases Slightly

March sales data is out, and indicates that the price increase in Redwood City has slowed down a bit. The average price and median price in March was $708,463 and $659,500, which are slightly lower than the numbers in February, but are still higher than the January numbers. 

On the broader market, the price is still in a strong upward trend throughout San Mateo County, and bidding wars are still going on everywhere.

There are reports saying that, after the five major banks' $25 billion settlement, there will be tons of foreclosures flooding the market, but proof of that prediction has yet to be seen. 

According to ForeclosureRadar, foreclosure filings have been on a downward trend since last August.  

We will pay close attention to the NOD filing and act accordingly.

 

No. of listings 99 No. of REOs (real estate-owned, by a bank, government agency, etc.) 4 No. of short sales 12 No. of regular sales 83 No. of new listings last week 30 No. of listings with a price increase last week 1 No. of listings with a price decrease last week 5 No. of listings that become pending last week 11 No. of properties sold last week 28 Inventory level 1.54 months

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

Address Closing Sale Price Beds Baths (F|P) Estimated Square Footage 19 CLAREMONT AVENUE,#8 $232,000 1 1|0 733 2878 MARLBOROUGH AVENUE $250,000 2 1|1 860 811 8TH AVENUE $400,000 2 1|0 1,090 108 D STREET $450,000 2 1|0 820 334 B STREET $475,000 3 1|0 1,070 636 BAIR ISLAND ROAD,#313 $499,000 2 2|1 1,342 93 BONITA AVENUE $546,850 2 2|0 1,130 635 FOX COURT $550,000 3 2|1 1,900 636 BAIR ISLAND ROAD,#312 $626,000 2 2|1 1,533 1039 CHESTERTON AVENUE $626,000 3 1|0 1,120 2682 CAROLINA AVENUE $635,000 3 1|0 1,030 2718 OHIO AVENUE $639,000 4 1|0 1,550 1578 CAROLE WAY,#20 $652,000 3 2|1 1,947 125 BONITA AVENUE $660,000 4 3|0 1,600 300 BALTIC CIRCLE,#338 $690,000 2 3|0 1,729 3539 HIGHLAND AVENUE $695,000 3 2|0 1,590 1140 TRUMAN STREET $715,000 2 2|0 1,800 1257 CONNECTICUT DRIVE $720,000 3 1|0 1,490 417 HILLCREST DRIVE $760,000 3 2|1 2,030 830 INTREPID LANE $800,000 3 3|0 1,800 502 AVENUE DEL ORA  $890,000 4 3|0 2,150 580 AVENUE DEL ORA  $895,000 4 3|0 2,160 4 WEST SUMMIT DRIVE $898,500 3 2|0 1,270 372 BELMONT AVENUE $957,000 3 2|1 2,562 1 OCEANSIDE WAY $1,216,000 4 3|0 2,690 814 BAY HARBOUR DRIVE $1,292,000 4 3|0 2,540 711 PARADISE WAY $1,485,000 5 4|0 4,000 506 SUNSET WAY $1,780,000 4 3|0 4,015

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.