About Redwood City's Redwood Shores

Real estate is selling on the mid-Peninsula in San Mateo County, California. Today was a banner day for me -- two transactions closed this morning!

Yesterday I wrote about escrow closing on 2448 Coronet, Belmont, CA 94002; it recorded this morning, keys have been handed over, sign removal ordered, status changed in the multiple listing service. And my sellers are in the process of buying a gorgeous home in Tennessee!

Also on record today is the sale of a home at 411 Luff Lane in Redwood Shores, CA. Redwood Shores is part of Redwood City, but a community unto itself--a newer development at the edge of San Francisco Bay, with parks, lagoons, and waterside housing, with miles of scenic jogging trails along the shoreline.

This beautiful 4-bedroom home on Luff Lane in Redwood Shores now belongs to a young couple looking forward to exchanging condo life for a single-family home with more space and a yard to enjoy.

Handing them the keys this morning was a joy, and knowing they'll have a fine home to enjoy for years to come is a marvelous feeling.

To them I say....

"Thank you for letting me be a part of this journey, where I know many wonderful memories will be created."

Contact me if I can be of help when it's time for you take your next step in life's journey!

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For More Information on Redwood Shores Real Estate Luxury Homes For Sale New Single Family Home construction House Condominiums Townhomes Duplex For Rent Foreclosures Short Sales San Francisco Bay Area Peninsula Ca, contact Realtor San Francisco Luxury Real Estate at Bay Area Prime Real Estates

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Only nine homes traded hands in May, down from 13 one year ago. Over bidding is waning as seven of the nine homes sold for under the asking price, one sold at asking and one only slightly above. The average time it took to sell a home increased to from 13 days a year ago to 21 this May. These are all signs of a cooling market so if you are thinking about a move now may be a great time.

MEDIAN HOME PRICE

Comparing March of 2007 to March 2008, it's interesting to note that the median price dropped 3.9% or $50,000-from $1,265,000 in 2007 to $1,215,000 in 2008. It's especially revealing in that the median home which sold during those two periods was exactly the same size-2,390 square feet; and the number of sales for the two periods was identical at seven. The only noteworthy anomaly was two homes in Governor's Bay which sold for the exact same price a year apart. Both sales involved the same model floor plan and in both cases the home was listed at $1,589,000 and sold over asking for $1,620,000. Clearly that comparison alone would indicate flat appreciation for the past year but unfortunately one sale is not enough to adequately gauge the entire market. Stated more succinctly, that buyer probably paid above what the market should have dictated the home was worth.

MARKET ANALYSIS

The price per square foot dropped from $548,000 to $535,000 in 2008.

In 2007 four of the seven homes sold on average for $7,000 less. In 2008 only two sold under asking-again for about $7,000. One change between the two years is that in 2007 the median asking price was $1,295,000 which dropped to $1,199,000 in 2008, reflecting a realistic selling strategy for pricing homes less-which they received.

Essentially last year more buyers were underbidding for homes and this year more people are overbidding. This is a direct result of lower asking prices-not because the market has become more competitive. In other words you can still find yourself in a bidding war, just at a lower price point than before.

Don't forget, you can always view our monthly updated market reports on-line at MorganHomes.com and read our commentary at BeautifulMountainBlog.org.

*Full area market data is typically updated by the 10^th of every month.

Notice how the reported median price for 2007 was up 3% over 2006. We adjusted for the fact the the median size home which sold in 2007 was 100 square feet larger. Accounting for larger homes selling, 2007 actually experienced a median price drop of 2.27%, or perhaps better stated swing of 5.27%. In our estimation this is critical information buyers and sellers should know. Yet it is unavailable to the general public due to the enormous time spent performing manual calculations.