Last Friday, the Redwood City Patch published a blog titled, "Economic Factors Boost Redwood City, San Mateo County Home Prices to Highest in Bay Area: CoreLogic".
The blog sites a report by research firm, CoreLogic, which notes that San Mateo County homes saw the highest monthly increase in home prices in June out of the 9 Bay Area counties - 4.4%. Next to only San Francisco, we also registered as the Bay Area's most expensive county - at a $1,070,000 median sales price. Redwood City is actually quite a bit higher than the county average (closer to $1.3 million). The CoreLogic Report sites a strong job market, consumer optimism, and low supply as reasons for the high home prices. We know this isn't the full story in Redwood City however, where home prices have remained high despite a much larger supply of homes than what we have grown accustomed to.
As expected, our streak of price/SF numbers near $1,000 came to an end, with a group of 14 homes that sold with an average of 27 days on the market.
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