Market Trends Redwood City real estate March 22, 2013

Market Trends Redwood City real estate March 22, 2013

Redwood City Market Trends
Market Trends Redwood City real estate March 22, 2013

The Redwood City real estate trends have been favorable to the most sellers for the past 7 days, and it doesn’t look like we are going to see that change. The real estate trend numbers for Redwood City has been steady on it current course it has had all year.

Redwood City homes, which are now listed on the market for sale, move down 2 to 13 from last week. The housing months of inventory available in Redwood City went down by 3.1 months to 7.3 months of inventory. This is not favorable to home buyers. Smaller number of homes added to the inventory means fewer selections and higher prices. I think you will see this trend to continue throughout 2013. A ray of sunshine for home buyers however, is if the loan that are being re-forecast by banks for adjustable loans purchased in 2007-8 are indicators of pass re-adjustments then there may be added inventory for home buyers to be able to choose.

The average selling price for homes sold in Redwood City were the highest they have been all year this past week reaching $998K from last week’s price of $ 956K. Good for sellers. I think the main reason for this frenzy is people have set on the side lines so long and they are now beginning to see that home ownership does have its benefit both emotionally and financially.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 16.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 18, which was slightly up from last week’s number of 14. Closed escrows homes number is 7, which is down by 2 from last week. This is a four-week trend for homes closing escrow.

Market Trends Redwood City real estate March 22, 2013

Worth noting is the sale price to list price ratio (SP:LP), settled back down for the year to 101.9%, which still means you are more than likely going to pay more for a home than what’s on the MLS. 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 mirrored 2013 around 30 days. Last week number was 32 days this week it was 30 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 $599, which is up from last week price of $558 and keeps poking it’s head around that $600 mark. 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.

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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.

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.

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

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