Market Trends Redwood City real estate June 28, 2013

Posted on: June 28th, 2013 | By Cliff Keith | Featured Posts, Friday's Weekly Market Update For Redwood City |

Market Trends Redwood City real estate June 28, 2013

Redwood City Market Trends
Market Trends Redwood City real estate June 28, 2013

June continues like it has all year for Redwood City real estate. Homes sell faster, inventories keep dropping, and homes sell over asking price. Months of inventories remained steady at 3.2 months. The price per square foot is still above the $600 mark and the average sale price of a home remained over the million dollar level.

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 up to a level of $1,034,540.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 20.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was 16 homes. Closed escrows homes number was 12. What is interesting is there were NO short sales and only 1 REO’s offered for sale last week. The underwater homeowner seems to have faded away in Redwood City.

Market Trends Redwood City real estate June 28, 2013

The sale price to list price ratio (SP:LP), was again up to 105.2%. May 2013 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%,

The average number of days for a home to sell in Redwood City was 17. The lowest 7 days in 2013 was 11 days during April 26-May 3. The beginning of 2013 started out with taking 56 days for a home to sell.

The future trend for the average price per square foot looks like it has broken through the $600 ceiling and doesn’t show sign of going down. The price for last week was $604 down $2.00. 2013 sq. ft. prices were: May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00.

Home buyers are looking for value when buying, including a home in good condition. Sellers however want the highest price, in the shortest time, with the least hurdles. It looks like these needs are being met because home buyers and sellers are agreeing on price and terms, and homes are continuing to sell.

Redwood City real estate trends
Market Trends Redwood City real estate June 28, 2013

Market Trends Redwood City real estate June 28, 2013

Want to do your own research?  You can go to this website and find homes which may be available to you. If you want to see what available in any city, fill out the “quick search” box along with your criteria and it will tell you what you want to know. Be aware the “default” for the quick search box is Redwood City so you will need to change the setting for each city you want information on.

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!

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

Please leave comments below. Thank you

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