â†‘Redwood Cityâ€™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. Thatâ€™s still down from just a year ago when the median home price stood at $945,000.
â†‘The monthâ€™s supply of homesâ€”the number of months it would take to liquidate all existing inventory at the current rate of salesâ€”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 sellerâ€™s market last year.
â†‘The monthâ€™s supply of homes dropped because sales picked up. June is typically the biggest month for closingsâ€”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.
â†‘The percent a seller can expect to receive of their asking price was up slightly to 98.6%, still under last yearâ€™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.
â†“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.
â†‘= a growth indicator
â†“= a retraction in housing
â†”= virtually no change
â†—= possible housing growth indicator
â†˜=minor housing retraction indicator
*source San Mateo County Multiple Listing Service. Â© MorganHomes.com 2008â€”all rights reserved.