Market Update for Redwood City: July 20, 2018

Posted on: July 20th, 2018 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Market Update for Redwood City: July 20, 2018
Redwood City Arch c.1934

Market Update for Redwood City: July 20, 2018

As of 7.20.18 what is the offer on a home to make? This post gives you the results for the Past 7-Days in Redwood City. Additionally, there’s a link (Click here to see other communities updates), which provides a monthly picture of ALL communities in both San Mateo and Santa Clara Counties. This proprietary information is provided by Cliff Keith, of 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.

Provided by Cliff Keith, of SF Bay Homes and the local Multiple Listing Service, MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.


Market Update for Redwood City: July 20, 2018:

↓ 13 new homes brought on the market for sale

18 homes went under contract as pending sales

± 13 homes closed escrow and now have new homeowners

↓15 Average days on market

↓ 1.5 Months of inventory available

↓ $1040 Per square foot for sold homes

↑10.1% Above asking price was average sale price

↑ $1.739,796 Average Sale Price of a home in Redwood City

*** Click here to see other communities updates. ***


Cliff’s Viewpoint:

Pretty much the same, however, it’s on the upswing:  Seller’s Market

This past week we have seen yearly normal numbers for the YTD average number of new listings (13  homes) coming on the market for sale. Still low inventories, which is favorable to homeowners.  Price reduction on homes are still going upwards, meaning list prices have been viewed by a few home buyers as being too high for some. This has resulted in them not making offers on some homes currently on the market as they were doing earlier this year. Monthly Inventories are up three fold, meaning more homes for sale today. Even costs per square foot has remained stable for the past 6 months staying over the $1000/sq.ft.. It is indeed good times for many home sellers today! 

Prices of homes have steadily been on an upward-trend as demonstrated by 11 new homes were listed over one million dollars there was a total of 13 homes brought onto the market. The means 85% of the homes listed last week for sale were over $1M!

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 $ 1,739,796. This is indicating homes prices are still for the few.  In short, sale prices up, inventories down with buyers paying (SP:LP ratio) of 10.1% over asking price. Due in part to homeowners pricing their homes closer to true market values Home buyers are starting to say… we’re not participating in “pay any price for a home” as they have be doing in the past.


Real Estate Truism:

Question: When is the perfect time to purchase your home?

Answer: Today is the correct answer! If you said yesterday you were correct, however, too bad those prices are gone. I don’t see any let up on the current strong demand for homes either. I believe this trend will continue to be supported of upward, 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?

Market Update for Redwood City: July 20, 2018

Call Cliff 650-346-7366To find your new home all you need to do is an easy 3-Step Process.

  1. 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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