Weekly Redwood City Real Estate Market Snapshot beginning March 23, 2008-today
Current: 3/23—3/30—4/7—4/15—4/27
12 – New Listings: 8 – 18 – 24 – 17 – 18
00 – Price Increase: 0 – 0 – 0 – 0 – 01
16 – Price Decrease: 10 – 7 – 8 – 6 – 11
11 – Solds (C.O.E.): 8 – 11 – 9 – 6 – 09
01 – Expired Listings: 0 – 0 – 6 – 1 – 00
00 – Withdrawn: 2 – 1 – 1 – 2 – 05
12 – Pending Sales: 16 – 12 – 14 – 12 – 10
My interpretation of this data is that we are still in a strong real estate market; Pending Sales and Solds are keeping ahead of new inventory coming onto the market as New Listings. Prices have decreased more this week than in the past, which I believe is because the sellers are bringing their home into line with the true real estate market.
Additionally, the homes that are in beginning and middle stages of foreclosure are required by the banks to drop their prices on a regular basis at a set percentage. They don’t want to see a low price without first testing the market at a higher list price. (It is part of the process banks make over extended borrowers go through before they will look at a “short sale” purchase agreement. It makes sense if you think about it.)
In Redwood City it is still a great time to sell your home or investment property if you price it to the current market. As a buyer this is a great time to get a bargain on some properties. I saw a home come on the MLS this week at $299K! If you have some extra cash you might want to consider the idea of purchasing another piece of property.
The outlook in the future is a very strong upswing in prices! As Will Rogers said…”they aren’t making dirt anymore.”
Weekly Redwood City Real Estate Market Snapshot beginning March 23, 2008-today
Current: 3/23—3/30—4/7—4/15—
- 18 – New Listings: 8 – 18 – 24 – 17
- 01 – Price Increase: 0 – 0 – 0 – 0
- 11 – Price Decrease: 10 – 7 – 8 – 6
- 09 – Solds (C.O.E.): 8 – 11 – 9 – 6
- 00 – Expired Listings: 0 – 0 – 6 – 1
- 05 – Withdrawn: 2 – 1 – 1 – 2
- 10 – Pending Sales: 16 – 12 – 14 – 12
My interpretation of this data is that we are still in a strong real estate market; Pending Sales and Solds are keeping pace with the new inventory coming onto the market as New Listings. Prices have decreased more this week than in the past, which I believe is because the sellers are bringing their home into line with the rest of the market.
Additionally, the homes that are in beginning stages of foreclosure are required by the banks to drop their prices on a regular basis on a set percentage, not all at one time. (It is part of the process banks make over extended borrowers go through before they will look at a “short sale” purchase agreement.
FYI: San Mateo County is only one of 4 counties in US that is not in a declining market.
HELP! Anyone know how I can line my numbers up so they would be easier to read?
Redwood City Market Snapshot:
7-Day Intervals:
3/23 3/30 4/7 4/15
Listings: 8 18 24 17
Price Increase: 0 0 0 0
Price Decrease: 10 7 8 6
Sold: 8 11 9 6
Expired: 0 0 6 1
Cancelled: 1 5 5 4
Withdrawn: 2 1 1 2
Pending: 16 12 14 12
My interpretation is we are still in a strong real estate market with Solds and Pendings higher than new Listings. That is what’s called a “sellers market” and buyers are still buying homes in Redwood City.
I don’t see any burst bubble in Redwood City real estate! 108 new homes came on the market for sale and 131 homes sold or are currently pending sales. I interpret that as a low inventory market. That is good for sellers is it not?
Since Jan. 1, 2008
New Listings: 108
Price Increase: 2
Price Decrease: 41
Solds: 84
Expireds: 29
Cancelled: 51
Withdrawn: 7
Pendings: 47
Redwood City Market Snapshot:
7-Day Intervals:
3/23 – 3/30 – 4/7
Listings: 8 – 18 – 24
Price Increase: 0 – 0 – 0
Price Decrease: 10 – 7 – 8
Sold: 8 – 11 – 9
Expired: 0 – 0 – 6
Cancelled: 1 – 5 – 5
Withdrawn: 2 – 1 – 1
Pending: 16 – 12 – 14
My interpretation is still a strong market with Solds and Pendings equal to or better than new Listings. The Spring market is here and buyers are still buying homes in Redwood City.