August 18, 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 18, 2017
During the previous 7-days...
↑ 13 new homes brought on the market for sale
↓ 09 homes went under contract as pending sales
± 06 homes closed escrow and now have new homeowners
↓ 11 Average days on market
↓ 2.1 Months of inventory available
↑ $1,029.00 Per square foot for sold homes NEW HIGH
↑ 06.7% Above asking price was average sale price
↓ $1.550,059 Average Sale Price of a home in Redwood City
This week, Redwood City homes saw a upward trend in most trends. Supply and Demand is still the driving force on home sales. 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. This week it broke the $1,000 mark sitting at $1,029/sq ft. Two weeks in a row is this growing price per sq ft. This translate to higher home prices for 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 Some are suffering from functional obsolescence (outdated).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 $1,550,059. I don’t see how we’re going to see a major 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 mindset of a bubble is imminent is based on faulty information 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 hold mess is it mean future salaries will be adjusted up. Additionally, various programs will be established to help get these job workers into the American Dream, a home.
|· Producer prices fell in July, recording their biggest drop in 11 months and pointing to lower inflation. The lack of inflation could help keep mortgage rates low.|
|· Geopolitical tensions between the U.S. and North Korea have caused stocks to lose ground. Traders have moved to bonds for safety, helping mortgage rates.|
|· Jobless claims below 300,000 continue to show labor market strength. However, it’s not likely the Fed will raise rates until inflation increases.|
|· Mortgage applications rose 3% last week. While refinance apps were up 5%, purchase apps were also up 1% compared to the previous week
· Three projects found to have highest ROI for adding value to a home were: fixing window leaks; remodeling the basement or a bathroom; and better insulating the attic.