August 4, 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 4, 2017
During the previous 7-days...
10 new homes brought on the market for sale
↑ 11 homes went under contract as pending sales
↓ 11 homes closed escrow and now have new homeowners
↑ 15 Average days on market
↓ 0.8 Months of inventory available
± $959.00 Per square foot for sold homes
↓ 11.3% Above asking price was average sale price
↑ $1.641,738 Average Sale Price of a home in Redwood City
This week homes in Redwood City saw a continued upward trend in most categories. There is still a large number of home-buyers and only a few homes for them to buy. One of the most noticeable upward trend is days to sale which is up 4 days. This translate to anxious home sellers. Homes are still selling in a comparative short period of time. The only homes that stay on the market for sale are the ones who are way overpriced to the rest of the market. They also tend to be in poor physical condition a.k.a. functional obsolescence. The quarterly trend for home prices have seen a steady sale price around $1.5M in Redwood City, although July hovered more around the $1.6M selling price!
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 offer price with fewest buyer’s concessions.
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. We are starting to see more home that don’t reach the MLS before they are selling. If you would like to know how you can buy one of these homes in the future please call/text/email us for details. 650-346-7366 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.
What to Do Next?
To find your new home all you need to do is an easy 3-Step Process.
- Pick up your cell phone,
- Look up my number (650-346-7366),
- Call me immediately.
When you do call, we will discuss the best way we can meet so you can get the best information you need that will help you locate and purchase your new home as quickly as possible and receive the highest value possible for the amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.