Steady As She Goes: Mid-Pen Price Reductions

down-house.jpgGiven my last post on updated prices on the Mid-Peninsula, “Posers Beware!,” in which sellers were serious and price cuts were deep, I was a bit surprised to find that things had evened out a bit in our neck of the woods. During the weeks of February 11 and 18, there were 35 price reductions, only 7 of which were subsequent price cuts. Reductions did not take on the proportions for which many buyers might drool over, with 15 sellers cutting their price by 5% or less, 11 by 10% or less, and only 9 going over the 11% mark. In fact, the biggest reduction this time around was only 28%, compared to my previous write-up where a high of 40.5% was noted.
Maybe sellers are pricing their homes better, because only 11 of the price cuts occurred within 30 days of listing, with the majority (13) of the reductions taking place in the 30 to 60 day time frame, and another 11 happening after 60 days.

Here are the biggest winners in the price reduction category:

3316 PAGE STREET, Redwood City
Original $549,000 Reduced to $395,000 (-28%)
Bedroom: 2 Bathroom: 1 Sq. Feet: 880
Days On Market: 39
Last sold January 2006 for $695,000

621 MACARTHUR AVENUE, Redwood City
Original $575,000 Reduced 5 times total, current list $419,950 (-27% overall)
Bedroom: 2 Bathroom: 1 Sq. Feet: 920
Days On Market: 41
Last sold November 2004 for $585,000

304 CEDAR STREET, Redwood City
Original $625,000 Reduced to $500,000, then $500,000 (-20% overall, -10% latest reduction)
Bedroom: 3 Bathroom: 1 Sq. Feet: 900
Days On Market: 40
Short sale, subject to lender approval

123 A STREET, Redwood City
Original $709,900 Reduced to 649,900, then $599,900, now $575,000 (-19% overall)
Bedroom: 2 Bathroom: 1 Sq. Feet: 940
Days On Market: 184

556 WARRINGTON AVENUE, Redwood City
Original $755,000 reduced to $709,000, now $648,000 (-14%)
Bedroom: 3 Bathroom: 2 Sq. Feet: 1300
Days On Market: 121