August 25, 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 use 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: August 25, 2017
During the previous 7-days...
↑ 16 new homes brought on the market for sale
↑ 10 homes went under contract as pending sales
↑ 16 homes closed escrow and now have new homeowners
↑ 16 Average days on market
↓ 1.2 Months of inventory available
↓ $992.00 Per square foot for sold homes
↓ 5.8% Above asking price was average sale price
↑ $1.737,179 Average Sale Price of a home in Redwood City
This week, Redwood City homes saw an equilibrium market. Supply and Demand is the driving force on home sales. Last week, like most weeks lately, the number of new homes coming on the market equaled those which sold. There are still an abundance of home-buyers. And, only a few homes for them to buy. One of the most noticeable upward trend was the price per sq. ft. The price per square foot returned under the $1,000/sq.ft.. mark sitting at $992/sq ft. This translate to more affordable homes. Houses are still selling quickly.
The only homes staying on the market for sale for a long time are the ones which are overpriced. Some are suffering from functional obsolescence (outdated). The quarterly trend for home prices that have closed escrow have seen a steady sale price around $1.5M. Last week we say the average sale price to jump up to $1,737,179. I don’t see how we’re going to see a drop-in home prices anytime soon. NOW is the time to buy real estate because they’re not making dirt any more. And that’s not a joke! If you didn’t buy in January you’ve lost 5.5% in equity. It’s sad for the average Joe making $100,000/year.
What about the Bubble Cliff?
The idea of a bubble is imminent is based on faulty information and/or false hope. Home are continuing to increase in price monthly. Jobs are still available with salaries that allows the work force to purchase homes that they like. The sad part is the jobs paying under $100K/year is not enough to purchase most Redwood City homes. The only bright side to this whole mess is it mean future salaries will be adjusted up and various programs will be established to help get these job workers into the American Dream, a home.
|· In July, retail sales recorded their biggest increase in 7 months. Consumer spending rose at a 2.8% annualized rate in the second quarter.|
|· Regardless of the strong data, inflation continues to be soft, a concern to Fed members. Weak inflation supports low rates, including mortgage rates.|
|· Minutes released from the Fed’s last FOMC meeting show members are concerned about the lack of inflation, making a near-term rate increase unlikely.|
|· Rising demand for new homes drives builder confidence. Homebuilder sentiment rose 4 points to 68 in August, its highest level since May.
· Home prices keep rising. Median prices in the 2nd quarter eclipsed a record high set in 2016. Prices for single family homes rose in 87% of national markets.