Snap Shot of Redwood City real estate

Posted on: November 15th, 2013 | By Cliff Keith | Featured Posts, Friday's Weekly Market Update For Redwood City |

Snap Shot of Redwood City real estate

Currently there are:

99 – Total Number of Properties Currently For Sale in Redwood City
12 Distressed properties sales (2 – REO, 10 – Short Sale). This represents 12% of total properties for sale
Market activity during the last 7 days (single family homes):
6 – Newly Listed Homes for Sale (last week)
2 – Price Changes of Previously Listed Homes (last week)
9 – Sold Homes (last week)

Redwood City has seen new single family homes inventories depleted starting in late October and remains the same this week. Likewise, we have seen homes that have sold decreased as well as those who have closed escrow. This is normal as we are approaching the Thanksgiving to Super Bowl season slow down. It’s a little early in 2013.

The homes that are selling are averaging 108.7% over their asking price. However, the time for a home to sell has increased in days to 35 days. This is about 2 weeks longer than during the summer market.

The price per square foot buyers are paying for their new homes have continued to stay above the $600/sq.ft. with this week standing at $664 per square foot.

What is interesting is the continued increase of the average sale price of Redwood City single family home to %1,185,000. You want a house you will on average pay over one million dollars in Redwood City.

I hope everyone has a great week and I look forward to an even slower real estate market in Redwood City as we move closer to the Holiday Season.

As always if there is anything Cliff Keith and Team can do to help you with any of your real estate needs we are here to give that help for you. We have been do so since 1976.

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