BUYING A HOME ON THE MID PENINSULA, RIGHT NOW

It's been 2-3 years since our market bottomed and property values have increased by more than 20% in the last 12-18 months alone.  It's unclear exactly where the market will go this year, given the recent changes we've seen in home prices and mortgage interest rates, but I can give you an idea of what it cost to buy right now.  Here's a look at some pretty basic parameters for Redwood City, San Carlos, Belmont, San Mateo, Foster City, and Redwood Shores given sales we've seen in the last 30 days.

1 bedroom 1 bath condos-

With 10 sales in the last 30 days, the lowest sale price of a 1br/1ba condo was $302,000, the average $398,350, and the highest $480,000.  The median sale price was $382,750.  3 out of these 10 sales were less than $380k, 4 of the 10 sales were above $400k.  To see photos and info on each home click here.

2 bedroom 1 bath single family homes-

With 15 sales in the last 30 days, the lowest sale price of a 2br/1ba single family home was $525,000, the average $694,633, and the highest $1,065,000.  The median sale price was $675,000.  7 out of these 15 sales were less than $675k, 5 out of the 15 were above $700k.  To see photos and info on each home click here.

3 bedroom 2 bath single family homes-

With 46 sales in the last 30 days, the lowest sale price of a 3br/2ba single family home was $620,000, the average $1,081,415, and highest $1,835,000.  The median sale price was $1,120,000.  17 out of the 46 sales were less than $1M, 9 out of these 17 under $1M were above $760k.  To see photos and info on each home click here.

There were not as many sales in the last 30 days as there typically is for a 30 day period, respectively due to the low inventory we saw in November and December.  If you look at home sales from months prior these figures might slightly differ- meaning prices may be higher or lower than indicated above.  If you have questions about buying a home, qualifying for a loan, or just want help in figuring out where to start, call me, text me or shoot me an email and I'll be happy to point you in the right direction. 

Cliff WhearleyComment