Friday, May 18, 2018 the results for the Past 7-Days in Redwood City. Provided by Cliff Keith, SF Bay Homes and the local Multiple Listing Service, MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.
MLS’s numbers for the past seven days for single family homes. They are keyed how they compare to the previous week with an up or down arrow. The ± symbol is for numbers that were unchanged from previous week.
Market Update for Redwood City: May 18, 2018
↑ 18 new homes brought on the market for sale
↓ 13 homes went under contract as pending sales
↑ 09 homes closed escrow and now have new homeowners
↑ 14 Average days on market
↓ 2.0 Months of inventory available
↓ $999 Per square foot for sold homes
↑ 11.0% Above asking price was average sale price
↓ $1.770,714 Average Sale Price of a home in Redwood City
GOOD NEWS FOR HOME BUYERS!
This past week we have seen the YTD average number of 18 homes coming on the market for sale. This trend has continued for the past 3 weeks and indicates homeowners are seeing $$$$ sign and are ready to cash in on all their equity. Price reduction on homes are up meaning list prices have be viewed as too high for home buyers Monthly Inventories have been twice the amount the past two week than the whole rest of the months for 2018. Even costs per square foot has fallen below the bench mark of $1,000 since the Christmas Holiday. More importantly the Average Sales Price has dropped below the $1.8M perch it has enjoyed for over 5 months. It is indeed good news for the home buyers of today!
Prices of homes have steadily been on an upward trend though, as demonstrated by 16 new homes were listed over one million dollars there was a total of 18 homes brought onto the market. The means 88% of the homes listed last week were $1 M plus.
The beginning of 2017 home prices were breaking through the $1.5M mark. This past week the average selling price of a home in Redwood City was $ 1,770,714!
Question: When’s the best time to buy a home?
Answer: Today is the correct answer! If you said yesterday you were actually correct, however, too bad those prices are gone. I don’t see any let up on the current strong demand for homes. I believe this trend will continue to support prices going up for homes. At least for the rest of 2018.
Open Houses stay alert.
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.
What is the “get-around”?
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.
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.