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Things looking better,
especially compared to EPA!
September 2010 Newsletter
AVERAGE PRICES, INVENTORY, CLOSED SALES, NEW LISTINGS
Overall, average home prices in Redwood City are only down about 20% now from their highs at the end of 2007. While a 20% decline is still painful for many home owners, it is nothing compared to other communities.
Average Monthly price for Single Family Homes in Redwood City
Grey line is the monthly price data while the red-line is the 4-month moving average.

Suburbs like Dublin have dropped in price about 50%. Today you can buy a nearly new 5,500 square foot home out there for about $1.1M. These homes were selling for about $2M just three years ago and the majority of sales are either short-sales of foreclosures. But there are even worse stories closer to home. East Palo Alto has dropped in priced about 60%.  In late 2007 the average home sold for about $680K, today the price is $280K. Again, the vast majority of the sales are distressed transactions.  
Average Monthly price for Single Family Homes in East Palo Alto
Grey line is the monthly price data while the red-line is the 4-month moving average.

Redwood City remains in relatively good shape compared to these other communities. Our inventory is higher then normal, but at least it’s below the 2008 highs thanks in part to fewer sellers coming to market. Meantime, year to date sales are about 20% better then this same time last years and about 5% then this same time in 2008. So far un 2010 we have sold about 333 single family homes, which is not bad, but falls far short of the 500 or so homes that we were selling in years like 2002-2005.

So why with all the talk about the nation’s home selling tanking has Redwood City held up so well. Home sales fell nationally after the $8,000 federal tax rebate ended. If you live in Nebraska and your home costs $40,000 then the tax rebate is a big deal. However, while it might be nice to get the rebate, the Bay Area’s $1M home buyers are not going to rush into buying a house to receive an $8,000 rebate.

I believe that a big ingredient in helping keep our real estate afloat has been the incredibly low interest rates. This is making home more affordable for those who need to buy.

Meantime, as you view the average price increase for single family homes in Redwood City, keep in mind what I reported last month. The increase is more a matter or larger homes starting to sell again and not actual value increases. This is demonstrated by the data below showing each month the average size of the homes and lots have increased in Redwood City.

Month Ave Price Ave. Living Space Ave. Lot Size
May $754K 1,540 sf 7,066 sf
June $857K 1,696 sf 8,113 sf
July $935K 1,998 sf 10,679 sf
Average Monthly Stats for Single Family Homes in Redwood City

 

Current Inventory

Closed Sales

New Listings

Sales YTD

Listings YTD

This Past Month

1,976

394

616

2,768

5,277

Decade Average

1,454

494

695

3,436

5,580

% Diff

36%

-20%

-11%

-19%

-5%

Monthly Inventories, Sales and New Listings for Single-Family Homes in
Redwood City
Redwood City real estate inventory
Month over Month comparison
of Inventories, Sales and New Listings in Redwood City
Year to Date Closed Sales
and Listings in
Redwood City
Redwood City real estate monthly performance
Redwood City real estate sales vs. listings
 
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