Arn Cenedella

Archive for the 'Redwood City Real Estate' Category

Year to Date Closed Sales San Francisco Peninsula

2007 data is in blue and 2008 data is in red.

These numbers reflect closed sales through June 30 of each year.

As reflected in the number of sales my office has completed this year, the number of closed sales in all communities is down from 2007.

Mountan View down 3%

Los Altos down 21%

Palo Alto down 27%

Menlo Park down 28%

East Menlo Park down 72%

Redwood City down 16%

San Carlos down 20%

Listing Inventory Levels on the San Francisco Peninsula

2007 data is in blue and 2008 data is in red.

As you can see inventory has increased in all communities from 2007 to 2008.

Mountain View up 91%

Los Altos up 45%

Palo Alto up 42%

Menlo Park up 47%

East Menlo Park up 58%

Redwood City up 61%

San Carlos up 54%

Average Sales Price Menlo Park Redwood City and San Carlos

Please review average sales prices in the chart above.

The blue column is 2007 and the red column is 2008.

I have broken out Menlo Park into the areas west of Highway 101 and the areas east of Highway 101 to indicate how different the current market can be based on price range and location.

In west Menlo Park, the 2008 average sales price of $1,841,515 is an increase of 15% from last year.

In east Menlo Park, the 2008 average sales price of $414,612 is a decrease of 34% from last year.

Redwood City has experienced a slight decrease and San Carlos a slight increase.

How is the current market in Menlo Park ?

My Coldwell Banker El Camino office had our Half Year State of the Office and Marketplace meeting earlier today. My office is the number 1 Coldwell Banker office in the San Francisco/Peninsula region in terms of listings and closed sales per agent year to agent.

Here is what our office has experienced in the first half of the year to date.

Average sales price is up 5.5% but the number of sales is down 38%.

So in our market area, prices have held up fairly well and in some cases increased while sales volume is down significantly.

 I will supply actual market data for each community in my market area in subsequent posts.

Woodside Plaza Charmer

I have just listed a very charming updated home in Woodside Plaza, Redwood City.

This 3 bedroom ranch style home has a new kitchen, updated bath, new hardwood floors, and new Anderson windows. The residence is situated on a large corner lot with spacious private back yard. List price was originally $869,000 and effective April 5 is $849,000.

Virtual tour

Property will be open April 13, 2008 from 1:30PM to 4:30PM.

Redwood City 2007 real estate trends

The number of single family homes sold in Redwood City droped 11.1% from 20060 to 2007.

570 homes were sold in 2006 and 507 homes were sold in 2007.

The average and median prices increased 6.8% and 4.1% respectively to $1,030,281 and $885,000.

The number of Redwood City condominium and townhouse sales dropped 14.9% from 2006 to 2007.  There were 74 sales in 2006 and 63 in 2007.

As with single family homes, the average and median prices also increased 6.9% and 12.8% respectively. $591,594 average price and $597,400 median price.

To find market data in other San Mateo communities, please go to San Mateo County Real Estate Data on my blog www.SFPeninsulaREGuru.com.