Market Trends Redwood City real estate January 25, 2013


Market Trends Redwood City real estate January 25, 2013

Arch Across The El Camino Real
Market Trends Redwood City real estate January 25, 2013

What most are thinking and talking about over the past 7 days is 49er Football. Most had 49er football excitement by most future home buyers. There wasn’t as much activity in home buying except for the real committed home buyer. This looks like it may work to their benefit because the competition is not so fierce.  It has not been a “normal” week for the real estate market.  This should change after February 3, 2013 or Super Bowl Sunday. Oh yal, Go 9ers!!!

In the past 7 days, Redwood City homes coming on the market for sale decreased to 6. This is 4 less than last week where there were 10 homes. The housing months of inventory available in Redwood City has steadily increased since reaching its’ low in mid-July of 2.6 months to this week of 8.5 months. Last year at the end of September the housing inventory increased sharply and has continued. This is good if you are a home buyer because you have more choice of homes to select from now. I don’t think you will see this continue longer in 2013.

The average selling price for homes sold in Redwood City trended down this past week to $924,000 from the previous week price of $960,000. The total number of new listings, and any transaction that came back to the market because it had fallen out of escrow was 6.  While the number of homes with pending sales, or had removed all their contingencies and were ready to close escrow was 20 which is up 11 homes from last week. Closed escrows homes were 7, which was down 2 from last week.

Market Trends Redwood City real estate January 25, 2013

Worth noting is the sale price to list price ratio (SP:LP), which has decreased since last week 99.4% with this week coming in at 99.8%. 2012’s highest ratio was 106.2%,November’s ratio was 103.8%, October’s ratio was 101.5%, September’s ratio was 103.0%, August’s ratio was 101.3%, July’s ratio that was 101.5; June’s was 101.6% and May’s 100.5%..

Finally, the average number of days for a home to sell in Redwood City is down this week to 34 days. Last week that figure was 50 days. The beginning of 2012 started out with taking 96 days for a home to sell. This number of days for a home to sale has been on a downward trend I believe because of the lack of inventory of new listing being brought to the market.  A good example of this that; I see a home for sale on Tuesday Broker’s Tour and when I write Market Trends Redwood City on Friday that same house shows up as a pending sale. This tells me if you are a home buyer, heed these words; “You snooze, you lose!”  Sad but true.

Last week the average price per square foot a home buyer was willing to pay was down by $25.00 per square foot to $565.00! 2012’ ended at $455.00, In November it was $501, In October it was $515.00. In September that number was $549.00, April that number was $461.00, May’s was $475.00, June’s was $481.00, and July was $509.00, August it was $551.00.

If you find this information helpful and can see how reading it regularly will save you time and money you can read this on an ongoing basis.  Please fill in your email address over there on the right to receive a weekly Free Newsletter. The topics covered will be Market Trends as well as other useful tips and ideas to help you with your real estate needs.

Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy you can click the “Free MLS” orange button to the right and give the criteria of the home you would like to buy in the blank boxes.  I will arrange for your own Personal Organizer to send results when a new home matching your criteria comes on the market. You will have information every morning before you wake or 4:00 am, whichever is earlier.

You will become part of the Cliff Keith’s Insider’s Club when you sign up for your Personal Organizer. The Insider’s Club members will have information from time to time about homes that will be coming on the market for sale, days, weeks, even months before everyone else know about them. This is a huge advantage for you! It’s an added feature for those who want to have an early leg up on their competition.

Additionally, feel free to friend/like me on many of the social networks I am on. They can be found listed below.  I’m also available on the phone, text, or email if that suits you better.

Want to reprint this post? You may do so, if you include the following credit line: Cliff Keith is a California real estate Broker, who has helped home buyers and sellers since 1976! Are you ready to save time and money when you purchase or sell real estate? Subscribe to Cliff’s free newsletter at https://www.sfbayhomes.com. #sfbayhomes.com

The information for the Market Trends Redwood City is directly from data off the Multiple Listing Service (MLS) and #SFBayHomes.com.

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