• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
San Mateo County Real Estate Price Report
 

San Mateo County Real Estate Price Report

on

  • 2,880 views

The October 2009 edition of the San Mateo County Real Estate Price Report published by Rebecca Williamson and Raymond Stoklosa of The RayChel Realty Group. We took an in depth look at San Mateo, San ...

The October 2009 edition of the San Mateo County Real Estate Price Report published by Rebecca Williamson and Raymond Stoklosa of The RayChel Realty Group. We took an in depth look at San Mateo, San Carlos, Redwood City, Foster City and Belmont.

Statistics

Views

Total Views
2,880
Views on SlideShare
2,879
Embed Views
1

Actions

Likes
0
Downloads
72
Comments
0

1 Embed 1

http://www.lmodules.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    San Mateo County Real Estate Price Report San Mateo County Real Estate Price Report Document Transcript

    • MarketWATCH A summary of market activity for single family home sales in San Mateo County ©Copyright 2009 Raymond Stoklosa • The RayChel Realty Group • (650) 655-2500
    • San Mateo County Real Estate Price Report —October 2009 Table of Contents Introduction ....................................................................................... 2 About this Report ...................................................................... 2 San Mateo County.............................................................................. 3 How’s the Market? .................................................................... 3 Data........................................................................................... 5 San Mateo .......................................................................................... 8 How’s the Market? .................................................................... 8 Data......................................................................................... 10 Belmont ........................................................................................... 13 How’s the Market? .................................................................. 13 Data......................................................................................... 14 Foster City ........................................................................................ 17 How’s the Market? .................................................................. 17 Data......................................................................................... 19 San Carlos ........................................................................................ 22 How’s the Market? .................................................................. 22 Data......................................................................................... 24 Redwood City ................................................................................... 27 How’s the Market? .................................................................. 27 Data......................................................................................... 29 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Introduction The RayChel Realty Group is proud to present the October 2009 edition of our San Mateo County Real Estate Price Report, based on data from MLS Listings, Inc. published on a monthly basis. About The San Mateo County Real Estate Price Report: The San Mateo County Real Estate Price Report analyzes median price, number of homes sold, average days homes were on the market before accepting an offer, months supply of inventory, new listings vs. pending sales, and total sales volume. This report looks at San Mateo County as a whole and drills down to five San Mateo County cities: San Mateo, Belmont, Foster City, San Carlos and Redwood City. The San Mateo County Real Estate Price Report takes the extra step to calculate meaningful statistics to help San Mateo County home buyers and sellers understand what is really going on in the San Mateo County real estate market. For example, we calculate the percentage of list price seller’s received compared to Original List Price, not the list price at the time the seller accepted an offer. This allows us to measure how realistic San Mateo County sellers are when pricing their homes in today’s market. The San Mateo County Real Estate Price report also breaks down the number of homes sold by bedroom count and whether they sold for at, under or above their original list price in more than or less than 30 days. This differentiation helps us recognize the relative strenght or weakness in various market segments and price levels. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo County The San Mateo County single family home resale market continues to be the bright and shiny spot of the national housing market. The median price of a single family home nudged up a bit in October 2009 to $702,000 indicating the county’s continued resurgence off its low in January. Newly initiated sales (also known as pending sales) outpace new listings in October by 209 units. Total sales volume of $371.8+ million on 396 single family homes sold as compared to 376 (20 fewer) single family homes sold in June, 2008, for a total volume of $434.2 million. That means 20 more units sold for $62.4 million dollar less volume in October, 2009, compared to June, 2009. This reflects the high level of activity in San Mateo County’s entry level market matching reports of multiple offers and overbidding particularly in the bank owned (REO) segment of the San Mateo County single family home inventory. Meaning, the low end homes are selling in a greater proportion than the higher priced homes. Days on Market are probably the best indicator of San Mateo County's real estate activity level. As DOM lengthens, activity stalls and as DOM shorten, activity increases. Considering the closed sales, it took sellers 81 days to secure a buyer under contract as compared to 60 days for the pending sales that have not yet closed escrow. This represents a dramatic 25.9% reduction in marketing time for newly initiated sales (pending sales). Clearly, the San Mateo County real estate market was on the move, at least in October 2009. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo County The most interesting insights for October can be found in the Days on Market versus amount received by seller as compared to Original List Price story. This report measures the number of homes that sold for less than, the same or more than the Original List Price because it is the most telling reflection of how realistic sellers are in setting their asking prices. Of the 180 homes (45.5%) that sold in more than 31 days: • 140 (77.8%) of the 180 sold for less than the Original List Price • 2 (1.11%) of the 180 on the market sold for the Original List Price • 38 (21.1%) of the 180 sold for more than the Original List Price Of the 216 homes (54.5%) that sold in less than 30 days: • 77 (35.6%) sold for less than the Original List Price • 25 (11.6%) sold for the Original List Price • 114 (52.6%) sold for more than the Original List Price It’s notable that 38.45% of San Mateo County homes were sold for more than their Original List Price. And, 52.6% of the homes that sold for more than the Original List Price were on the market for less than 30 days, while only 21.1% of the homes on the market for more than 31 days received more than the Original List Price. What Do the Numbers Mean to Home Sellers? October’s sales figures are fairly representative of Octobers in the past. We typically see an autumnal bump after Labor Day followed by a cooling off period. A home priced right at the outset of the listing period will have the greatest chance of selling for top dollar. A home on the market for more than 31 days is most likely overpriced. Sellers should expect market activity to subside as we move into the predictable seasonal lull. Drilling down into the details of specifically selected cities, we begin to see a more interesting tale. Let’s look at several. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo County Number of Single Family Homes Sold in San Mateo County Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 126 40 $5,285,000 $185,000 $1,075,000 3 BR 204 44 $3,950,000 $181,000 $647,500 2 BR 66 12 $1,150,000 $150,000 $525,000 Number of San Mateo County homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 5 4 1 3 BR 2 1 1 2 BR 1 1 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo County The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo County The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo In October, 2009, we saw 58 single family homes sold in the City of San Mateo. 24.1% of San Mateo home sellers (14) had to reduce their asking prices to affect a sale. The median price of all San Mateo homes sold rose to $720,000 after three straight months of decline. The City of San Mateo has the broadest spread of home’s sold prices - $2,495,000 to $400,000 – of any city in San Mateo County. The Real Story of the San Mateo Real Estate Market Again, the real story lies in the Days on Market analy- sis. Days on Market is probably the best indicator of San Mateo real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity in- creases. The most interesting insights for October can be found in the Days on Market versus amount received by seller as compared to Original List Price story. This report measures the number of homes that sold for less than, equal to or more than the Original List Price because it is the most telling reflection of how realistic sellers are in setting their asking prices. San Mateo Homes that Sold for At, Below and Above List Price Here is a comparison of the number of homes selling for less than, at, or more than the Origi- nal List Price. 58 single family homes sold in October 2009 with almost 2/3 of the homes needed more than 31 days to affect a sale, and about 1/3 sold for more than the Original List Price. Of the 23 homes (60.3%) that sold in more than 31 days: • 21 (36.2%) of the 58 sold for less than the Original List Price • 0 of the 58 on the market sold for the Original List Price • 2 (3.45%) of the 58 sold for more than the Original List Price Of the 35 homes (39.7%) that sold in less than 30 days: • 11 (19.0%) of the 58 sold for less than the Original List Price • 6 (10.3%) of the 58 sold for the Original List Price • 18 (31.0%) of the 58 sold for more than the Original List Price The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo So, we see 55.2% of San Mateo home owners received less than their Original List Price and 44.8% received the list price or more. That means that prices are negotiated down in more than 55% of the San Mateo real estate transactions. Pending Home Sales in San Mateo Sales place under contract – pending sales – continue to exceed the number of new listings 83/66, and the current inventory (154) level continues its downward trend from its June 2008 high (193). The October sales volume of $47.7 Million on 58 closed sales is interesting especially when compared to the $63.5 million on 66 sales in July 2008. That’s $15.8 million dollars in volume less on 8 fewer sales at a time when the median sales price was $852,500. What Do the Numbers Mean to San Mateo Buyers and Sellers? Simply that the less expensive San Mateo homes are selling in greater quantity than more expensive San Mateo homes. The most affordable homes are drawing the greatest interest. It’s really the tale of two markets: well-priced, affordable San Mateo homes for people to live in or investors to rent that sell within 30 days, and aggressively priced homes – more than 60% of those sold – that were on the market for more than 31 days. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo Number of Single Family Homes Sold in San Mateo Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 17 6 $2,495,000 $509,500 $1,029,000 3 BR 26 5 $1,400,000 $427,500 $675,000 2 BR 15 3 $955,000 $400,000 $589,500 Number of San Mateo homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 17 2 1 2 12 0 0 3 BR 26 7 2 8 7 0 2 2 BR 15 2 3 8 2 0 0 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Mateo The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Belmont Belmont, California, home prices con- tinue to remain stable as indicated by the median sales price of $865,000 for October, 2009. Only 3 of the 14 home owners needed to reduce their asking prices to affect a sale. 6 homes sold for the asking price or more than the Original List Price and 9 of 14 sold in less than 30 days. Days on market on average dropped to 38 which, by any measure, indicates a fairly strong buyer demand. October's most costly Belmont home sold for $1,120,000 and the lowest priced Belmont home sold for $650,000, both were 3 bedroom homes. The largest home sold – 4 bedrooms – sold for $870,000. Pending sales outpaced new listings 27/20 which generally means a market sliding toward the seller’s favor. 2/3 of the homes sold in less than 30 days in October, 2009. Certainly, not a seller’s market in terms of the manic we experienced in 2007, but none the less indicative of a market in which sellers are not giving their homes away. Belmont tends to be a community where home owners tend to stay longer and establish ties. What Do the Numbers Mean to Buyers and Sellers? Clearly, Belmont’s home prices are among the Peninsula’s most stable and least vola- tile. Belmont homes may present, at this time, some of the best values in San Mateo County. Excellent schools and unique hillside topography with mature foliage offer Belmont home buyers a particular character not available on the barren flat lands. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Belmont Number of Single Family Homes Sold in Belmont Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 1 0 $870,000 3 BR 13 3 $1,120,000 $650,000 $860,000 2 BR 0 Number of Belmont homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 1 1 3 BR 13 5 1 3 3 0 1 2 BR 0 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Belmont The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Belmont The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Foster City Foster City Had the Fewest Homes Sold in October 2009 Among the cities surveyed in the report, Foster City has the distinction of having the fewest homes sold (8) in October, 2009. Only 1 of 8 Foster City home owners felt the need to reduce their asking price to sell their home. Foster City Market Demand Remains Relatively Flat Days on Market are probably the best indicator of Foster City real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. Considering the closed sales, it took Foster City home sellers 55 days to secure a buyer under contract as compared to 48 days for the pending sales that have not yet closed escrow. This indicates that the market demand holds fairly steady as Foster City homes sold take about as much time to market as the newest pending sales. This report measures the number of homes that sold for less than, equal to, or more than the Original List Price because it is the most telling reflection of how realistic sellers are in setting their asking prices. 7 of 8 Foster City Homes Sold in Less than 30 Days 7 of 8 homes sold in less than 30 days with 4 receiving less than the Original List Price, and the single home that sold in more than 30 days sold for less than Original List Price as well. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Foster City Foster City Has the Most Homogenous Housing Mix Currently on the Mid-Peninsula, Foster City has the narrowest spread between most and least expensive homes sold - $1,208,000 to $855,000. This is attributed to the relative newness of the area as compared to the more mature cities west of Highway 101 and Foster City has a much more homogenous housing composition. Foster City Has Less than 3 Months Inventory The peak inventory (45) level in Foster City occurred in April, 2009. With a current inventory of 20 Foster City homes for sale, at the present rate of sale, Foster City has just more than 2.5 months supply of homes on the market. Foster City Sales Prices Continue to Climb The Foster City median sales price ($1,025,000) continues to climb since April, 2009 after reaching its all time peak ($1,250,000) in two separate months in 2008. With current inventories falling rapidly and approaching more normal levels, we expect more balance in the Foster City real estate market. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Foster City Number of single family homes sold in Foster City. Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 5 0 $1,208,000 $850,000 $1,025,000 3 BR 2 0 $950,000 $855,000 $902,500 2 BR 1 1 $1,150,000 Number of Foster City homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 5 4 1 3 BR 2 1 1 2 BR 1 1 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Foster City The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Foster City The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Carlos October, 2009, was an interesting month for San Carlos home sales. Of the 25 single family homes that sold in San Carlos, 5 home owners (20%) had to reduce their asking price to affect a sale. Closed sales for the month climbed to 25, well above the number of closed sales (14) in October, 2008. Current inventory levels remain relatively high when compared to 2007-2008 levels. 28% of Home Sellers Received More than their Original List Price in Less than 30 Days The most interesting part of the aspect of the price data lies in the fact that 7 of 25 San Carlos home owners received more than their Original List Price within 30 days of the listing date. 16 (64%) of the 25 homes sold in less than 30 days, and no home on the market for 31 days or more received more than their Original List Price or even their Original List Price. San Carlos Market Demand Holding Fairly Steady Days on Market are probably the best indicator of San Carlos real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. Consid- ering the closed sales, it took sellers 45 days to secure a buyer under contract as compared to 43 days for the pending sales that have not yet closed escrow. This indicates that the market demand holds fairly steady as San Carlos homes sold take about as much time to market as the new- est pending sales. This report measures how many homes sold for less, equal to, or more than the Original Listed Price. This relationship to the Original List Price is the most tell- ing reflection of how realistic sell- ers are in setting their asking prices. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Carlos Median Price Displays Signs of Volatility The most costly home in San Carlos sold for $1,900,000 - substantially more than the highest price home in its neighboring city Belmont. San Carlos' upper tier mar- ket is overall higher than Belmont. San Carlos’ median list price ($907,000) - the highest since May, 2009 – continues to displays signs of volatility primarily be- cause of the wide gap between the most expensive ($1,900,000) and least expen- sive ($380,000) home sold. All Indicators Point a Market Trending Toward Balance While the data is interesting, it’s important to note that there are significant differences be- tween individual homes in the more expensive and most desirable neighborhoods of San Car- los. Every property is unique from another. Trends are enlightening but should not be the de- termining factor on a specific property’s value. The convergence of the number of closed sales and the number of new listings almost always indicates a market trending to- ward balance. San Carlos Real Estate Expected to Re- main Strong The San Carlos home resale market re- mains highly desirable and resil- ient. There are no indications that San Carlos is about to experience any pre- cipitous price declines. We expect, bar- ring any untoward national or regional economic catastrophes, the San Carlos real estate market to remain strong. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Carlos Number of Single Family Homes Sold in San Carlos Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 6 2 $1,900,000 $920,000 $1,269,278 3 BR 16 3 $1,059,000 $730,000 $853,000 2 BR 3 0 $710,000 $380,000 $675,000 Number of San Carlos homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 6 1 1 4 3 BR 16 4 2 6 4 2 BR 3 2 1 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Carlos The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 San Carlos The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Redwood City Redwood City Has 2nd Highest Number of Home Sales Of the cities surveyed in this report, Redwood City had a 2nd highest number of home sales (54) in October, 2009. The most dramatic factoid is the huge spread between the highest price home sold - $2,725,000 - and the lowest price home sold - $150,000. The owners of 17 of the 54 homes had to reduce their list asking price to affect a sale. Redwood City Real Estate Market Slowing? Days on Market is probably the best indicator of Redwood City's real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. Considering the closed sales, it took Redwood City home sellers 53 days to secure a buyer under contract as compared to 96 days for the pending sales that have not yet closed escrow. This indicates a significant increase in the marketing time for pending home sales – those in contract, but not yet closed. This is something that should be watched as it may be a harbinger of a slowing in the Redwood City real estate market. How Well Did Redwood City Home Owners Price their Homes? This report measures the number of homes that sold for less than, equal to or more than the Original List Price because it is the most telling reflection of how realistic Redwood City home sellers are in setting their asking prices. 8 (51.9%) sold in less than 30 days. 21 (38.9%) of 54 Redwood City home owners received their Original List Price or more. 26 homes took more than 31 days to sell of which 22 sold for less than their Original List Price. Only 4 homes on the market for more than 31 days sold for more than its Original List Price. That is not a surprising figure as the longer a home is on the market the greater the chance that it will sell for less than asking. We calculate sales differential from Original List Price because it is a truer measure the negotiating balance between sellers and buyers. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Redwood City Highest Number of Sales Since June 2007 More Redwood City homes closed escrow (54) than in any month since June 2007. Newly initiated Redwood City home sale contracts (91) exceeded new listings (78) for the 6th straight month. Given the increase in marketing time, and the fact that 33 of 54 (61.1%) homes sold for less than their Original List Price, the Redwood City real estate market may be losing steam. Since December, 2008, the Redwood City housing market has enjoyed a surge in the number of new listings to the 96 currently in contract. It’s taken these homes longer to sell, so it will be interesting to see how many home owners sold for less than their Original List Price in the weeks to come. All Real Estate is Local – Especially in Redwood City Redwood City is a text book example of the phrase “all real estate is local” – very local. Notable differences exist between neighborhoods within the same zip code and even within the same Realtor Map Code. It’s because of the uniqueness of each property and the inability to move it that makes location the single most influential factor on the value of a home. The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Redwood City Number of Single Family Homes Sold in Redwood City Sold Summary # Sold After Highest Lowest Median # Sold Price Reduction Sold Price Sold Price Sold Price 4 + BR 13 6 $2,725,000 $440,000 $950,000 3 BR 22 6 $1,375,000 $243,000 $686,500 2 BR 19 5 $700,000 $150,000 $468,000 Number of Redwood City homes sold that sold for less than, at or above original list price. Days on Market Comparison Summary Note: OLP = Original List Price # Sold in 30 Days or Less # Sold in 31 Days or More # Sold <OLP @OLP >OLP <OLP @OLP >OLP 4 + BR 13 3 1 1 8 3 BR 22 4 3 3 10 2 2 BR 19 4 0 9 4 0 2 The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Redwood City The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178
    • San Mateo County Real Estate Price Report —October 2009 Redwood City The RayChel Realty Group ♦ San Mateo, CA ♦ (650) 655-2500 ♦ LivingWellinSanMateo.com ♦ DRE 00657178