Market Trends Redwood City real estate May 31, 2013


Market Trends Redwood City real estate May 31, 2013

Redwood City Real Estate Trends
Market Trends Redwood City real estate May 31, 2013

During the last 7 days Redwood City has seen more new homes brought on the market, higher sales and higher closing of escrows. May 2013 has been a month where we saw the highest selling price list price ratio and average selling price for the year. Additionally, we saw the lowest number of days for a home to sell in all of 2013. This is a strong real estate market in Redwood City.

Redwood City homes newly listed for sale; increased to 19 up from last week’s 18 homes. Housing’s months of inventory for home-buyers was down to 3.5 months of inventory. There has been a steady increase of inventories since the middle of March 2013, however that trends is steady-going down, which is fewer homes to choose for home buyers in Redwood City.

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 slightly go down to a level of $1,077,595.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 21.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was the up from last week’s to 22 homes. Closed escrows homes number was 19, which was 8 more 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 has dried up. This is because home prices have gone up and home sellers can now sell their homes and pay off their loans without asking for help of their lenders.

Market Trends Redwood City real estate May 31, 2013

The sale price to list price ratio (SP:LP), was barely up from last week’s to 107.5%. This was the highest month all year. May ended at 107.5%, April ended at 106.3%, March ended at 101.3%, and 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 17 and up by 2 days from last week’s 15. 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 most likely it’ll not be around for you to purchase tomorrow.

The future trend for the average price per square foot looks like it has broken through the $600 ceiling and will only continue to climb. The price for last week was $611. 2013 sq. ft. prices were: May; $611, 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 however 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 31, 2013

Redwood City Real Estate
Market Trends Redwood City real estate May 31, 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 receive 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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