↑Redwood City's housing market looked slightly more stable in June than in recent months. The median price rose to $862,944, a 5.3% increase over May. That's still down from just a year ago when the median home price stood at $945,000.
↑The month's supply of homes-the number of months it would take to liquidate all existing inventory at the current rate of sales-dropped to only 4.3 months from 5.3 in May. A year ago the supply was a paltry 2.3 months indicating a strong seller's market last year.
↑The month's supply of homes dropped because sales picked up. June is typically the biggest month for closings-generally from sales generated in May. June saw 52 homes closing escrow while in May there were only 42, and 68 for this time a year ago.
↑The percent a seller can expect to receive of their asking price was up slightly to 98.6%, still under last year's 101.2% and it continues to take twice as long to sell a home. Homes stayed on the market on average for 52 days in June of this year as compared to only 24 days last year.
↓Inventory, or the number of available homes for sale, continues to be a driving factor in impacting how long a home takes to sell and what the seller receives. Inventory levels in June of 2008 are nearly 40% higher than a year ago. Large inventories are an indication that home values will remain soft.
(Click on the picture for a full size view)
↑= a growth indicator
↓= a retraction in housing
↔= virtually no change
↗= possible housing growth indicator
↘=minor housing retraction indicator
*source San Mateo County Multiple Listing Service. © MorganHomes.com 2008-all rights reserved.
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