Market Update for Redwood City: September 28, 2018

Market Update for Redwood City: September 28, 2018

Market Update for Redwood City: September 28, 2018
El Camino Real Arch c. 1934

As of 9.28.18 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: September 28, 2018

↑ 22 new homes brought on the market for sale

 +/- 11 homes went under contract as pending sales

↓ 07 homes closed escrow and now have new homeowners

↑ 15 Average days on market

↓ 3.0 Months of inventory available

↓ $ 1044 Per square foot for sold homes

↑ 7.9% Above asking price was average sale price

↑ $1.788,646 Average Sale Price of a home in Redwood City

Click here to see other communities updates.

Cliff’s Viewpoint:

Consistent for 2018: Strong Seller’s Market

This past week I have heard fellow agents talk about how slow the market is becoming. They are complaining about homes NOT selling in 2-days! All I can say is… welcome to the normal real estate market. This “flatness” trend will be short lived because there is still a strong demand and not enough inventory to satisfy the strong demand. Everyone knows this current upward market cannot continue indefinitely. However, the bubble is not close yet nor do I see the demand for housing diminishing. Home-buyers are going to have to continue to pay today prices for homes or if they wait they will paid a higher price down the road. Sad for them but it’s true. Don’t believe the headlines you read in publications like Biz & Tech in their business section. If you read the article it says San Mateo and Santa Clara Counties are not experiencing the same trends. However, their headlines would make one believe it’s across the board and  the data doesn’t prove it out!

This past week we have seen yearly numbers staying in the same ranges as past YTD numbers. New listings (22 homes) came on the market for sale. Still low inventories, (83 homes), which is favorable to homeowners.  Price reduction on homes are increasing, (↑6) last week. Costs per square foot has remained stable for the past 6 months over the bench mark of $1000/sq.ft. it was $1044 last week. It is still a good time for many home sellers.

Home prices:

Prices of homes have steadily been on an upward-trend as demonstrated by 22 new homes were listed over one million dollars there was a total of 22 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City. There are current 10-homes Single Family Homes for sale under $1M of the 83 available homes for sale.

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 $ 1,788,646. This is indicating to us… affordable homes prices remains only for the few. Sale prices are up, inventories down with buyers paying (SP:LP ratio) of 7.9% over asking price. I believe this is due in part to homeowners pricing their homes closer to true market value. Home buyers are starting to say… we’re not participating in “pay any price for a home” as they did in the Spring.

10 – Homes under $1M of 83 Single Family Homes available!

There is bad news for home-buyers. The real estate market has been somewhat “flat” since the Spring. I am now seeing the numbers starting to head back up as they did back in April of this year. The appreciation for 2018 sits at 14.5%. This is the highest we have seen in a few years and it looks like it is going to continue on its upswing trend! Cause? I believe the good high paying jobs and the demand for housing creates the current real estate market.

Other indications are the “Affordability Index” recently released by California Association of Realtors on August 8, 2018. It states in part …only 18% of Bay Area households can afford the median-priced home… This is not good news for future home buyers.

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: September 21, 2018
Call Cliff (650) 346-7366

To 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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