Market Trends Redwood City real estate May 10, 2013


Market Trends Redwood City real estate May 10, 2013

Redwood City Market Trends
Market Trends Redwood City real estate May 10, 2013

We saw some of the same old stuff in home sales and trends in Redwood City this past week. Inventories were up. SP:LP ratio was down. Homes took 4 days longer to sell and weekly average selling prices fell below $1M!

Redwood City homes newly listed for sale; dropped to 12 over last week’s 33 homes. The housing months of inventory available for homebuyers was up by 19.2 month to 22.4 months of inventory. This figure tends to change rapidly and I expect you will see this new settle back down over the weeks ahead. There has been a steady increase of inventories since the middle of March 2013.

The average selling price (ASP) for homes sold has stayed steady hovering around the $1.050M since the end of March. Last week we saw the ASP settle back down under a million dollars.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 13.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was 31, which was 12 more than last week. Closed escrows homes number was 7, which was half as much as last week. What is interesting is there were NO short sales or REO’s brought to the market. It seem that segment of the market is drying up. This is because home prices have gone up and home sellers can now sell their homes and pay off their loans with the help of their lenders.

Market Trends Redwood City real estate May 10, 2013

A good sign for home buyers this week is the sale price to list price ratio (SP:LP), dropped from last week’s high for the year of 109.4%, to 105.0%. April ended at 106.3%, 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%, Augusts’ 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 started trending back up to 16. Last week’s number was 11 days. The beginning of 2013 started out with taking 56 days for a home to sell. Homes are still selling quicker. If you see a home you like today, buy it because it may not be around for you to purchase tomorrow.

Last week the average price per square foot dropped down by $95/sq.ft. for a home to $600; this is down from last week’s year high of $695. 2013 sq. ft. prices were: April; $558, March; $599, 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.

This weeks trends in Redwood City real estate is showing signs of continuing on its’ same path it’s been on all year. There are still some exceptional deals out there, a very nice home came on the market over on Poplar for under $500K and there was a wonderful Edgewood home that has almost anything someone would want in a home for $2.4M. Buyers have more selections to choose from and sellers are seeing their home sell quickly. As always, home buyers are looking for value in their purchase along with a home in good condition. Sellers want the highest price, in the short time, with the least hurdles. The age-old axiom of Location, Location, Location still is running strong in today’s Redwood City real estate market trends.

Equal Housing
Market Trends Redwood City real estate May 10, 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 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 https://www.sfbayhomes.com. #sfbayhomes.com

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

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