Market Trends Redwood City real estate April 12, 2013

Posted on: April 12th, 2013 | By Cliff Keith | Blog, Featured Posts, Friday's Weekly Market Update For Redwood City |

Redwood City Market Trends
Market Trends Redwood City real estate April 12, 2013

Market Trends Redwood City real estate April 12, 2013

For the past seven day the Redwood City real estate market trends have continued to favor sellers. It doesn’t look like this trend will change anytime soon. If you are a seller of real estate in Redwood City you are in the driver’s seat.

Redwood City homes newly listed for sale; move down by 5 to 11 last week. The housing months of inventory available for homebuyers went down by 0.4 months to 2.8 months of inventory. Again this is not a good sign for homebuyers. Smaller numbers of homes brought to the market for sale means fewer selections of homes and higher prices. The only saving grace is interest rates are still affordable for most.

The average selling price (ASP) for homes sold were the third week in a row the highest they have been all year reaching $1,019,000 last week’s. This is good if you are selling a home.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 11.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 23, which was 2 more than last week. Closed escrows homes number is 13, two more than last week.

Market Trends Redwood City real estate April 12, 2013

Worth noting is the sale price to list price ratio (SP:LP), spiked to 106.3%, which means you will probably pay more for a home than what it is listed for on the MLS. March ended at 101.3%, 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%..

The average number of days for a home to sell in Redwood City spiked upward. Last week’s number was 31 days this week it was 39 days. The beginning of 2013 started out with taking 56 days for a home to sell.

Last week the average price per square foot for a home last week was $560; this is up from last week’s $483. This I think can be contributed to the number of lower priced home selling last week.  2013 sq. ft. prices were: 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.

As I see the real estate market in Redwood City is like most of San Mateo County…fast and furious. If you have not found an agent/broker to help you it’s not too late. Figure prove out the advantages of having a real estate professional on your side verses someone who tries to do it on their own.

If you are a seller expect to see a lot of activity on your home right away including an offer probably over asking price. If you don’t one of two things are happening…you are overpriced or the condition of your home is not what the current buyers are looking to buy.

Equal Housing
Market Trends Redwood City real estate April 12, 2013

Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy you can go to http://sfbayhomes and 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. You will be send every new home matching your criteria when it comes on the market.

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

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

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