Market Trends Redwood City real estate April 5, 2013

Redwood City Market Trends
Market Trends Redwood City real estate April 5, 2013

Market Trends Redwood City real estate April 5, 2013

The Redwood City real estate trends have continued to favor sellers for the past 7 days, and it doesn’t look like that will change. The real estate trend numbers for Redwood City have stayed steady all year.

Redwood City homes, which were now listed on the market for sale, move up 9 to 16 from last week. The housing months of inventory available in Redwood City went down by 1.1 months to 3.2 months of inventory. Again this is not a good sign for home buyers because this number has consistently dropped all year. Smaller number of homes added to the inventory means fewer selections and higher prices. A little ray of sunshine for home buyers, however, is mortgage rates still remain historically low, but last week we saw them start to creep back up. This could be a problem for home buyers in the future.

The average selling price (ASP) for homes sold in Redwood City were the highest they have been all year reaching $1,031,000 last week’s. This is good if you are selling your home but the high ASP along with up interest rates just causes more home buyers to be pushed out of the market.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 20.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 21, which was the same as last week’s. Closed escrows homes number is 15, which was one more from last week.

Market Trends Redwood City real estate April 5, 2013

Worth noting is the sale price to list price ratio (SP:LP), stayed around the 103.1%, which means you will probably pay more for a home. 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%..

Once again, the average number of days for a home to sell in Redwood City mirrored 2013, which is around 30 days. Last week number was 32 days this week it was 31 days. Homes are selling quickly and for higher prices. 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 $483, which is down from the $600/sq.ft. it has flirted around. 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.

Equal Housing
Market Trends Redwood City real estate April 5, 2013

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 but you will now pay more on all levels. 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 your home is not what the current buyers are looking to buy based on space and condition.

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

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