Market Trends Redwood City real estate April 19, 2013

Posted on: April 19th, 2013 | By Cliff Keith | Featured Posts, Friday's Weekly Market Update For Redwood City |

Market Trends Redwood City real estate April 19, 2013

Redwood City Market Trends
Market Trends Redwood City real estate April 19, 2013

Buyers there is good news for you from the data collected for the past 7 days in Redwood City real estate market. We are seeing more homes coming on the market for sale, lower selling prices to list prices, lower costs per square foot and affordable homes to choose from under a million dollars.

During the past 7 days in Redwood City market trends about real estate have continued to favor sellers. It doesn’t look like these trends are going to change anytime soon. Today if you are a home seller in Redwood City you are in the driver’s seat.

GOOD NEWS FOR BUYERS: Redwood City homes newly listed for sale; doubled in number to 22 last week. The housing months of inventory available for home buyers was up by 2.1 months to 4.9 months of inventory. This is a good sign for home buyers. More homes means bigger choice and less competition for home buyers. This is a rare occurrence for Redwood City real estate this year.

The average selling price (ASP) for homes sold was up for the 4th week at $1,062,189 last week’s. You may see this number go down some because the price of homes this week were 15 under a million dollars and only 7 over a million dollars.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 25.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 17, which was 6 less than last week. Closed escrows homes number is 21, eight more than last week.

Equal Housing
Market Trends Redwood City real estate April 19, 2013

Market Trends Redwood City real estate April 19, 2013

Worth noting is the sale price to list price ratio (SP:LP), settled down from last week’s high to 104.7%, which means you will still 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 dropped below yearly averages to 22. Last week’s number 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 $545; this is down from last week’s $560. This I think can be contributed to the number of under a million dollar 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. Figures prove the advantages of having a real estate professional on your side. Please don’t try and buy a home on your own. Realtors believe it or not save you time and money in the long run.

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.

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 sent 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

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

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