Last 7-Days of Redwood City’s Real Estate Market July 7, 2017

Posted on: July 7th, 2017 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

The past 7-days of Redwood City real estate

Information that will help you present a successful offer.

July 7, 2017 the current results for the Past 7-Day of Redwood City Real Estate provided by Cliff Keith and Team. Data is from the local Multiple Listing Service, MLSListings. Also, the criteria used for these all numbers is based on Year to Date, (YTD) figures.

Here are my findings for the past seven days and how they fared to the previous week with the up or down arrow.

Weekly Market Update for Redwood City: July 7, 2017

During the previous 7-days...
↑ 07 new homes brought on the market for sale
↓ 06 homes went under contract as pending sales
↓ 08 homes closed escrow and now have new homeowners
± 16 Average days on market
↓ 0.4 Months of inventory available
↓ $937.00 Per square foot for sold homes
↓ 7.9% Above asking price was average sale price
↑ $1.594,388 Average Sale Price of a home in Redwood City

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What does that mean?

Cliff's Point of View:

This week homes in Redwood City saw a downward trend in most categories. Probably you can blame this on the July 4th holiday. However, there are still many home-buyers and only a few homes for them to buy. One of the most noticeable trend to watch is in the price per sq. ft. This translate to higher home prices for everyone. Homes are still selling in a short period of time. The only homes that stay on the market for sale are the ones which are overpriced, or in poor condition a.k.a. functional obsolescence. The quarterly trend for home prices have seen a steady sale price around $1.5M in Redwood City.

Here's what we are seeing on the San Francisco Peninsula...
• Home prices were up 5.5% year-over-year in April. Seattle, Portland, and Dallas reported the highest year-over-year gains, according to Case-Shiller.
• Pending home sales were down again in May, as tight inventory continues to be an issue. Buyer interest remains solid even with fewer choices on the market.
• Although inventory has declined month-over-month for 2 years, there may be hope. NAR found that 71% of homeowners think now is a good time to sell.

When you go to a Sunday Open Houses in Silicon Valley you will see lots of other home buyers looking at the homes along with you. The home buyers from the tech industry like Oracle, Electronic Arts, Google, Facebook, Intel, Box, LinkedIn, Instagram, and Buffer are out in full force, along with the bio-tech home-buyers from companies like; V Biosciences, Abbott Vascular, AbGenomics, and Genotech ready to place offers on their new homes. And, they all seem to have large sums of discretionary income to spend too.

As you can see the real estate market in Redwood City is still very strong and homes are selling faster and receiving higher offers for more money.

If you are looking to purchase a home in San Mateo or Santa Clara counties Cliff Keith and Team have many homes for you to choose from.

Some of these homes are not in the MLS and some are in MLS. The point being if you are trying to buy or sell a home we would love to help you find that perfect home. Especially, if you have not found a home and have been looking for one over 3 months.

See Our Information for Homebuyers and Sellers

Cliffs Beneath This

The past 7-days of Redwood City real estate

Information that will help you present a successful offer.

July 7, 2017 the current results for the Past 7-Day of Redwood City Real Estate provided by Cliff Keith and Team. Data is from the local Multiple Listing Service, MLSListings. Also, the criteria used for these all numbers is based on Year to Date, (YTD) figures.

Here are my findings for the past seven days and how they fared to the previous week with the up or down arrow.

Weekly Market Update for Redwood City: July 7, 2017

During the previous 7-days...
↑ 07 new homes brought on the market for sale
↓ 06 homes went under contract as pending sales
↓ 08 homes closed escrow and now have new homeowners
± 16 Average days on market
↓ 0.4 Months of inventory available
↓ $937.00 Per square foot for sold homes
↓ 7.9% Above asking price was average sale price
↑ $1.594,388 Average Sale Price of a home in Redwood City

What does that mean?

Cliff's Point of View:

This week homes in Redwood City saw a downward trend in most categories. Probably you can blame this on the July 4th holiday. However, there are still many home-buyers and only a few homes for them to buy. One of the most noticeable trend to watch is in the price per sq. ft. This translate to higher home prices for everyone. Homes are still selling in a short period of time. The only homes that stay on the market for sale are the ones which are overpriced, or in poor condition a.k.a. functional obsolescence. The quarterly trend for home prices have seen a steady sale price around $1.5M in Redwood City.

Here's what we are seeing on the San Francisco Peninsula...
• Home prices were up 5.5% year-over-year in April. Seattle, Portland, and Dallas reported the highest year-over-year gains, according to Case-Shiller.
• Pending home sales were down again in May, as tight inventory continues to be an issue. Buyer interest remains solid even with fewer choices on the market.
• Although inventory has declined month-over-month for 2 years, there may be hope. NAR found that 71% of homeowners think now is a good time to sell.

When you go to a Sunday Open Houses in Silicon Valley you will see lots of other home buyers looking at the homes along with you. The home buyers from the tech industry like Oracle, Electronic Arts, Google, Facebook, Intel, Box, LinkedIn, Instagram, and Buffer are out in full force, along with the bio-tech home-buyers from companies like; V Biosciences, Abbott Vascular, AbGenomics, and Genotech ready to place offers on their new homes. And, they all seem to have large sums of discretionary income to spend too.

As you can see the real estate market in Redwood City is still very strong and homes are selling faster and receiving higher offers for more money.

If you are looking to purchase a home in San Mateo or Santa Clara counties Cliff Keith and Team have many homes for you to choose from.

Some of these homes are not in the MLS and some are in MLS. The point being if you are trying to buy or sell a home we would love to help you find that perfect home. Especially, if you have not found a home and have been looking for one over 3 months.

See Our Information for Homebuyers and Sellers
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