Market Update for Redwood City, CA Real Estate: 11.16.2018
As of 11.16.18 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 housing in Redwood City, CA. 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, CA Real Estate:11.16.2018
↓ 11 new homes brought on the market for sale
↓ 7 homes went under contract as pending sales
↓ 4 homes closed escrow and now have new homeowners
↑ 18 Average days on market
↑ 5.5 Months of inventory available
↑ $ 1043 Per square foot for sold homes
↓ 2.1% Above asking price was average sale price
↓ $1,532,600 Average Sale Price of a home in Redwood City
*** Click here to see other communities updates. ***
Last 7-Days: Weaker Seller’s Market
Redwood City real estate agents are talking about how they can feel the housing market is changing. They are complaining about how homes are NOT selling in 2-days! All I can say is… welcome to a normal real estate market. This “flatness” trend will continue and may stretch out through the Holidays. There’s still a demand for housing in Redwood City CA, however, buyers are paying prices that reflect the current market. The numbers for this week point toward a weaker Seller’s Market.
Everyone knew this current upward market trend could not continue indefinitely. That being understood, it is important to remember the Redwood City CA real estate bubble is NOT close. Because the demand for housing continues to be strong. Home-buyers are going to have to continue to compete for their homes.
Now is a great time to purchase a home. If home buyers wait they’ll paid a higher price for their homes down the road. And interest rates are on the rise which will also add to their costs. I suspect the Spring market after Super Bowl Sunday we will see an uptick in homes selling quickly and for more money.
This past week we have seen annual numbers trending in the same ranges as the previous week. However, Days on The Market is trending down to its lowest number since July (19). Monthly inventories are trending up from their low in June (.7) Price per square foot is trending downward since the high of April ($ 1133). SP:LP is trending down from the high in April of 14.4%. The average sale price is right in line with the starting of 2018 ($1,686,483).
The raw numbers
New listings (11 homes) came on the market for sale. Still low inventories, (136 homes 67% Active and 33% Pending or there are 91 SFR for buyers to choose from). This is still favorable to homeowners who are selling. Price reduction on homes are increasing, (7) last week. Costs per square foot has remained stable for the past 6 months. The bench mark of $1000/sq.ft. has been consistent for all of 2018. it was $1043 last week. Another trend worth noting is homes are selling close to or below listing prices. I am seeing the dust settling for awhile and reasonable negotiations when buying a home.
Prices of Redwood City new homes have steadily been on an upward-trend as demonstrated by 8 new homes were listed over one million dollars there was a total of 11 homes brought onto the market. The means 73% of the homes listed last week for sale were over $1M! In Redwood City there are current 11-homes for sale under $1M of the 91 available homes for sale.
The beginning of 2017 Redwood City properties were offered for sale at around the $1.5M price. This past week the average selling price of a home in Redwood City was $ 1,532,600. This is indicating affordable homes prices remains only for the few. Last week selling prices did show a softening of home prices a bit.
11 – Homes under $1M of the 91 homes available – (12%)
The appreciation rate for 2018 sits at 14.5%. This is the highest appreciation we have seen in a few years. I believe the high paying jobs in Redwood City CA is the culprit here. And, if you look at the skyline you will see the cranes are still working and new structure are going up! This translate to more future jobs.
Basic 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 Redwood City real estate agents, and many 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 priced offers.
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 at an amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.
We may also discuss with you the idea of looking at a duplex for sale in Redwood City as a suitable alternative.
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