Market Trends Redwood City real estate March 15, 2013

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Market Trends Redwood City real estate March 15, 2013

Market Trends Redwood City real estate March 15, 2013

The current real estate trends have favored the sellers and it doesn’t look like we are going to see any real movement any time soon. The real estate trend numbers for Redwood City has been flat to down for the past 7 days.

Redwood City homes, which were now listed on the market for sale, move up 4 to 14 from last week. The housing months of inventory available in Redwood City went down by 50%. This is not favorable to home buyers. Lower homes added to our inventory mean fewer selections and higher prices. I think you will see this trend to continue throughout 2013. A ray of sunshine for home buyers is if the loan that are being re-forecast by banks for adjustable loans purchased in 2007-8 may add to the banks’ balance sheets,  meaning they will bring their burdensome assets to the market.

The average selling price for homes sold in Redwood City was higher this past week down to $956K from the previous week price of $ 910K. Good for seller though because even with the reduced average selling price it is still about 6% over last year average price. I think the main reason for this frenzy is people have set on the side lines too long and they are beginning to see that home ownership does have a benefit both emotionally and financially.

The total number of new listings, transaction falling through (TFT), and back on the market (BOM) homes stood at 17.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 14, which was slightly down from last week’s number of 19. Closed escrows homes number is 9, which is down by 1 from last week.

Market Trends Redwood City real estate March 15, 2013

Worth noting is the sale price to list price ratio (SP:LP), jumped back up from last week’s low of 100.4%, to 103.6%, which means you are going to pay more for a home than what is on the MLS. A prime example is the 2 bedroom home over on Jackson in the MLS for $649 and sold in 9 days for $737K with an escrow period of only 4 days. February’s ended at 101.3%. January ended 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%..

Interestingly, the average number of days for a home to sell in Redwood City increase by almost 50% (this is huge)! Last week number was 17 days this week it was 32 days. Homes are selling quickly and for higher prices. The beginning of 2013 started out with taking 36 days for a home to sell.

Last week the average price per square foot for a home last week was $558 which is up from last week price of $525. 2013 sq. ft. price was: February; $571, January; $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.

Equal Housing
Market Trends Redwood City real estate March 15, 2013

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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.

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This information for Redwood City is from data from the Multiple Listing Service (MLS).

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