Peninsula Snapshot: Serious Buyers Market
That’s right, folks, there is an abundance of homes available in the Peninsula cities of Redwood City, San Carlos, Belmont and San Mateo, and the prices are significantly lower than last year. In fact, just one year ago, I wrote a post where the lowest priced SFR sold in the RWC/SC/Belmont area for $705,000. Now the lowest list price for a SFR is $234,900 for a 760 sf home in Redwood City, and the lowest priced listing overall is $210,000 for a condo in San Mateo.
Redwood City is seeing the biggest spread in price range, with small east side properties (many short sales) starting in the mid-$200′s and pricing out at $3,000,000 up in Emerald Hills. San Mateo has the most listings, with 63 more than its closest competitor. It also has the most bank-listed foreclosures. San Carlos has the least stale listings, with only 47% of listings on the market more than 31 days. Belmont takes the prize on the over/under—and I’m not talking betting terms here—with 27 properties under $1mil and 28 over $1mil in price, while San Mateo has 274 (82%) of its listing priced under $1mil.
The breakdown for each city (# of listings, SFR/Condo, price range, DOM) follows after the jump.
Redwood City
- 271 MLS Listings
- 6 Bank-Listed Foreclosures
- 250 SFR
- 27 Condos
- Price Range $234,900 to $3,000,000
- 192 Under $1mil
- 85 Over $1mil
- 98 0-30 DOM
- 179 Over 31 DOM
San Carlos
- 111 MLS Listings
- 0 Bank-Listed Foreclosures
- 85 SFR
- 26 Condos
- Price Range $349,000 to $2,999,950
- 58 Under $1mil
- 53 Over $1mil
- 59 0-30 DOM
- 52 Over 31 DOM
Belmont
- 51 MLS Listings
- 4 Bank-Listed Foreclosures
- 49 SFR
- 6 Condos
- Price Range $330,000 to $1,638,000
- 27 Under $1mil
- 28 Over $1mil
- 17 0-30 DOM
- 38 Over 1 DOM
San Mateo
- 334 MLS Listings
- 10 Bank-Listed Foreclosures
- 193 SFR
- 151 Condos
- Price Range $210,000 to $2,250,000
- 274 Under $1mil
- 70 Over $1mil
- 117 0-30 DOM
- 227 Over 31 DOM
