Sales Are Picking Up For Redwood Shores Real Estate Market – September 2011

Most built-up areas of San Mateo County are suburban. It occupies most of the San Francisco Peninsula. A boost on home sales has been recorded in most areas of San Mateo County. But distinct declines have been observed in mid-Peninsula cities, such as Redwood Shores, Belmont, and Foster City.

Nine homes were sold in the Redwood Shores real estate market in September 2011. Sales went down by 25 percent, from 52 homes in September last year to 39 homes in September this year. This change that occurred is somewhat misleading.

Sales in Redwood Shores started in a slow pace this year having only six homes sold within the first five months of the year while there were 33 homes sold within the same period of last year. There were 33 homes sold within the latest four months while during the same period last year, there were only 19 homes sold. To sum up, sales declined for this year but in recent months, sales have regained sharply. Most inventory measures display a stiffening market. In 2011, new listings have declined by 13 percent – only 10 homes have been added to the active inventory at the end of September.

Homes are being sold faster this year than in 2010. In Redwood Shores, the average selling period has been 26 days while in 2010, it was 44 days. This is indicative of buyers’ quick response to properties coming onto the market. Another indication is that prospective buyers have to be on top of new listings or else, they will miss out on the best offers. Price levels change around from month to month more often in smaller areas such as Redwood Shores, which has normally lower than 100 sales in a year. Therefore, determining the trend can be challenging. Average and median sales prices decreased by 5-10% for the year – about $50,000-$100,000, based on the data alone. This change occurred primarily because the average home sold in 2011 was around 150 square feet smaller than the average home sold last year. By 150 square feet, sales price can change by $75,000.

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