Redwood City Market Snapshot 4/27/2008

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00 - Withdrawn: 2 - 1 - 1 - 2 - 05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."