2012 Market Trends for real estate in Redwood City
Here are the 2012 Market Trends for real estate in Redwood City. Redwood City homeowners have
a lot to cheer about when ringing in the New Year on their home values. They saw the cost per square feet of their homes go up 10.5%, the average sale price jumped up 11% and best of all the Listing Price: Selling Price Ratio (LP: SP) ended the year up 2.8%.
These positive upticks in Redwood City real estate I feel can be contributed to 3 factors; 1.) Historical low-interest rates, 2.) Inventories down by 30% or more all year, 3.) Realistic home sellers using pricing strategies, which attracted home buyers.
The LP:SP ratio remained steady in an upward trend all of 2012. January started at 98.4% and ended up in December at 102.2% for any a 101.0% for the year. (LP:SP ratio is the different between the home seller’s asking price and the final selling price.)
How long a home stayed on the market for sale before it has sold went down 63% from 2011 to 46 days in 2012. Interesting that number was under 40 days between June and November of 2012.
The days to sale went down and the LP:SP ratio went up and the “sweet spot” for homes sold in Redwood City for 2012 was $600,000 – $1,000,000. 70% of all homes sold in 2012 in Redwood City sold for under $ 1,000,000.
The Average Sale Price for 2012 was $ 838,607 in Redwood City. January ended at $749,183 and December ended at $ 925,000. The reasons for this increase of 11% can be found above. Also, between the months of May to August only 8% of the housing inventory got replenished with new houses. The basic economic principle of supply and demand applies.
2012 saw the price per square foot start at $446 and zoomed to $545 in August and settled in at $498 for the year. This was a 10.5% increase in price per square foot Redwood City home buyers were willing to pay during 2012. You can blame some of the higher costs on increase in construction materials and added code compliance costs by various governmental agencies.
For the year of 2012 homeowners had a pretty good year. If Redwood City homeowners plan on selling their homes in 2013 I believe they will see some of the same results. I will expound on this belief in future posts on my predictions for 2013. Be sure to return and read them within the next week.
If you found this information of a benefit please subscribe to my newsletter on the right side. It’s an easy way to stay abreast of new posts and you then can come back and read it so you won’t miss out on anything as it pertains to real estate.
You may want to search the MLS (Multiple Listing Service) for a home. Or, maybe you want to know the price of the home around the corner from you. You may do so for Free by clicking the orange button to the right. If you wish not to sign up for your own Personal Organizer you may use the quick search to the right and do a quick search by filling in the black boxes and adding your own criteria. You can make 3 different searches and then you’ll see a pop-up asking for you to give an email address. You can keep redoing it but why be hassle? Give you information you want, email required, and then no more interruption!
Cliff Keith and Team consider ourselves as your resource center. We want to help people with their real estate needs and to keep them informed about various aspects of their community. We want to help you and gain friends. Consequently, we do not spam nor do we sell any of your information to any third-party vendor. Anytime you wish to be removed from any of our list just let us know and we will honor your requests immediately, with no questions ask.Tags: Redwood City, sotheby's, stats for redwood city real estate