Market Trends Redwood City real estate May 24, 2013

Posted on: May 24th, 2013 | By Cliff Keith | Featured Posts, Friday's Weekly Market Update For Redwood City |

Market Trends Redwood City real estate May 24, 2013

Redwood City Market Trends
Market Trends Redwood City real estate May 24, 2013

Market Trends for Redwood City saw months of inventory leveling off over the past 3 years and coming down the past week, ratio between list price and sale prices continue to rise 4 out of the last 5 weeks, homes selling quicker, the price per square foot staying equal and average selling prices for the past 2 weeks up over $1M. There were NO short sales or real estate bank owned properties making this segment of the market all but dried up.

Redwood City homes newly listed for sale; increased to 18 down from last week’s 19 homes. Housing’s months of inventory for homebuyers was down to 5.4 months of inventory. There has been a steady increase of inventories since the middle of March 2013, which favors home buyers with more selection and the trend since then has seen a steady down movement of months of inventory.

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 jump slightly to $1,092,092.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 19.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was the same as last week’s number of 18 week. Closed escrows homes number was 11, which was 6 less over 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 gone. This is because home prices have gone up and home sellers can now sell their homes and pay off their loans without any help of their lenders.

Market Trends Redwood City real estate May 24, 2013

The sale price to list price ratio (SP:LP), was barely up from last week’s to 107.2%. 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 was 15 down from last week’s 17. The lowest so far this year is 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 was the same as last week’s $598. This year’s high is $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.

As always, home buyers are looking for value in their purchase along with a home in good condition. Sellers on the other hand want the highest price, in the shortest time, with the least hurdles. The age-old axiom of Location, Location, and Location still is running strong in today’s Redwood City real estate market trends. It looks like home buyers and sellers are having a meeting of the minds and homes are changing ownership for those in the market.

Market Trends Redwood City real estate May 24, 2013

Equal Housing
Market Trends Redwood City real estate May 24, 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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