Friday, May 4, 2018 Redwood City Market Update

Posted on: May 4th, 2018 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Friday, May 4, 2018 Redwood City Market Update
Redwood City Real Estate Market Update

Friday, May 4, 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 4, 2018 

↑ 13 new homes brought on the market for sale

± 10 homes went under contract as pending sales

↑ 11 homes closed escrow and now have new homeowners

↑ 14 Average days on market

± 0.7 Months of inventory available

↓ $1104 Per square foot for sold homes

↓ 7.5% Above asking price was average sale price

↓ $1.825,000 Average Sale Price of a home in Redwood City

Cliff’s Viewpoint:

This past week we have seen the YTD average number of 13 homes coming on the market for sale. We’re seeing a little change up this week. Less home sales even though there are more homes listings. (Homes being brought onto the market,) Homes are still selling higher over asking price to the tune of 7.5% in an average amount of time of only 14 days. This is keeping with the YTD trend of 11% over asking price over the last quarter.

Prices of homes have steadily been on a upward trend as demonstrated last week when 12 new homes were listed over one million dollars there was a total of 13 homes brought onto the market. The average sale prices keep pushing upwards and for the last 3 months. Home prices have creeped up to an average of just over $1.8M.

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 $ 1,825,000!

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.

  1. Friday, May 4, 2018 Redwood City Market Update
    Call Cliff 650-346-7366

    Pick up your cell phone

  2. Look up my number (650-346-7366)
  3. 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.

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