Surge in New Listings on the Mid-Peninsula

for-sale2.jpgI spent an inordinate amount of time downloading all the new listings for the week of January 7 to 13. There were a total of 35 new SFR listings, the largest group since October. The bulk of these newbies were in Redwood City (24), with San Carlos (7) and Belmont (4) coming up a bit short. The sub-prime mess was always a threat to Redwood City, with its diverse population and wide range of neighborhoods and home prices, and I fear that it has hit our fair town.

Two things struck me this week:

(1) 14 or 40% of the new listings came out on 1/11, which was a Friday. Recently Redfin research published “The Real Estate Scientist,” seven tactics for selling your home. Number Three on the list was to debut your home on a Friday. “According to a December 2007 analysis of Redfin’s website traffic for 119,079 listings, homes that debut on the best day, Friday, get on average 7.7% more visitors in their first seven days than those that debut on the worst day, Thursday. ” How did the other days in the week fare? Monday 5, Tuesday 0, Wednesday 5, Thursday 7, Saturday 3, Sunday 1.

(2) Pricing predominantly ended in 3 zeros, as in $985,000. Of the 35 listings, 29 or 83% had a listing price that ended in 000. Three ended in 999, and 1 each in 950, 888, and 500. I have always liked those round numbers and it looks like our sellers do, too.

Here are my favorite new listings of the week for each city:

Belmont:
1623 Notre Dame, 3/2, 1880 sf, $955,000 ($508/sf)
My aunt used to live on this street and I have always liked it. This home is on a 7700 sf lot with a view. I really liked the look of the master bedroom.

San Carlos:
62 Madera, 4/3, 2600 sf, $1,049,000 ($403/sf)
Everyone seems to love San Carlos and properties sell quickly in this town. This home is a larger 4/3, with two master suites and upgrades throughout. The only thing that was unappealing is the totally white kitchen, but that would be a minor issue in my estimation. This could very well be this week’s bargain.

Redwood City:
1759 Edgewood Road, 5/2.5, 2640 sf, $1, 279,000 ($484/sf)
Buyers may tend to shy away from this address, as Edgewood is the feeder to Highway 280, but this home is set on a private lane off Edgewood. A 50-year-old custom home with glassed-in sun porch, set amongst the redwoods along a creek, would make me feel like I was out in the country.