San Mateo County Association of Realtors Sales Statistics
On Burbed I read about this nifty webpage set up by the San Mateo County Association of Realtors with their sales stats. The most recent data is from April 2008 and it shows that San Mateo County had an inventory of 1885 homes and there were 346 closed sales. In the same time period 776 homes were listed. So lets do the math. If there were no new listings, 1885 homes would take approximately 5.4 months to sell at the current rate. This is considered a pretty healthy market. However, when you throw in 776 new listings, that means each month we’re adding 430 homes to the existing inventory. So basically we are adding more than one month’s supply every month this sales rate continues. In another six months there will be a year’s supply of homes in the county. However, as they say, real estate is really local. In East Palo Alto, the amount of available inventory is already above one year, but in San Carlos there is a less than 3 months’ supply.
Another fact is that the San Mateo County Association of Realtors’ statistics actually do not reflect all of the available inventory in San Mateo. If you look at my summary post from a week ago and download some of the raw data, you will see that some homes are listed with agents in other counties or even other states. So the actual amount of available inventory is even higher. I am curious to see the May update of this report.
119 REDWOOD Ave Redwood City, CA 94061
119 REDWOOD Ave Redwood City, CA 94061
Price: $420,000
| Beds: | 2 |
| Baths: | 1 |
| Sq. Ft.: | 1,000 |
| $/Sq. Ft.: | $420 |
| Lot Size: | 5,500 Sq. Ft. |
| Age (Years): | 60 |
| Year Built: | 1948 |
Last sale: Mar 21, 2006 $630,000
Loss if sold for asking: $210000 or 33.3%
The picture of the backyard seems pretty gothic, don’t you think? There is a cemetery pretty close by there.
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