If you are looking for distinctive architecture and tree lined streets the Mt. Carmel area of Redwood City may be the place for you. Homes in this area can range from Spanish style bungalows to larger ranch style homes. Located north of Jefferson and west of El Camino, this area offers an attractive alternative to Allied Arts or the Willows in Menlo Park. Stafford Park located at Lowell and Hopkins is a popular park with the locals. Currently our Multiple Listing Service indicates 5 active (class one single family home) listings in this area with an average list price of $969,800. There are 5 pending sales reported with an average list price of $972,000. (Info deemed reliable but may not reflect sales not reported to MLS)
The Mt. Carmel area is within walking or biking distance to downtown Redwood City which is currently being revitalized by downtown redevelopment and the numerous restaurants, art galleries and movie theatre which draw a crowd.
Next week, my blog will continue north to San Carlos. I will then take a look at North Los Altos, Downtown Palo Alto and Woodside Glens in Woodside. Have a wonderful weekend. See you next week.
The San Francisco Peninsula real estate market is characterized by many “micro markets”. Today’s blog takes a walk through the Willows and looks at recent reported sales activity as per our Multiple Listing Service.
The majority of the Willows is located between Willow Road , San Francisquito Creek, Middlefield Road and 101. A stroll through the neighborhood is a gardener’s delight: large Oaks and Willow trees offer abundant shade and beauty. Homes can range from small bungalows to new construction. The neighborhood is conveniently located within walking and biking distance to downtown Palo Alto and Menlo Park. The Willows has been greatly inspired by its neighbor Sunset Magazine.
As of today’s date our MLS reports 6 active listings with an average list price of $1,386,898. There are five pending (class one single family homes) sales reported with an average list price of $754,000. (Data does not include sales not reported to MLS)
Today’s post looks at overall activity for Menlo Park from Oct 2008 to Oct 2009. The post also takes a look at overall data and sales data reported to the Multiple Listing Service in the Willows and Allied Arts Area.
For the city overall, data reported to our Multiple Listing Service indicates that the average sales price was $1,273,000 in Oct 2008 versus $1,337,000 in October 2009. As of October 31, 2009 there were 2.8 months supply of inventory although days on market had increased to 58. (Note this data is informational only and may not be completely accurate as sales not reported to the MLS are not reflected)
The Willows/O’Conner area of Menlo Park did not have any sales reported in Oct 2008 but the average sales price reported to the MLS was $954,000 in November 2008 versus an average sales price of $1,056,000 in October 2009. As of October 31, 2009, there were 1.8 months supply of inventory with average days on market reported at 29 days.
Allied Arts/Downtown data indicates an average sales price in Oct 2008 of $1,478,000 versus $1,585,000 in Oct 2009. As of October 31, 2009, there were 2.3 months supply of inventory with average days on market reported at 52 days.
Low interest rates combined with tax incentives have lead to a very active year. If you are thinking of entering the market, it is important to meet with a mortgage professional early in the search and get preapproved particularly in the entry level price ranges as we are seeing multiple offers for well priced properties. It is also important to educate yourself about the different “micro markets” that comprise the San Francisco Peninsula real estate market.
Is the Real Estate Market Half Empty or Half Full?
Like all things in life, this depends upon one’s perspective. I thought it might be interesting to look at the data for the past twenty four months and compare Manlo Park City sales data overall with both the Allied Arts/Downtown Area and the Willows/Oconner Area.
Here is what the data indicates per MLS data.
Willows/Oconner Area. Aug 2006 to July 2007 75 new listings for the period with an average sales price in July 2007 of $1,187,000.
From Aug 2007 to July 2008 there were 59 new listings during this period with an average sales price in July 2008 of $1,446,000.
Allied Arts/Downtown Area. Aug 2006 to July 2007 46 new listings for this period with an average sales price in July 2007 of $1,406,000.
From Aug 2007 to July 2008 there were 39 new listing during this period with an average sales price in July 2008 of $1,350,000.
The City of Menlo Park had 562 new listings from Aug 2006 to July 2007 with an average sales price in July 2007 of $1,353,000.
From Aug 2007 to July 2008 there were 544 new listings with an average sales price in July 2008 of $1,324,000.
This data shows once again that all real estate is local. It is important to know your “micro markets”. This data also indicates that if you have your heart set on purchasing in The Willows or Allied Arts there are not going to be hundreds of choices in any given year.