Market Update for Redwood City, CA Real Estate: 11.30.2018
As of 11.30.18 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:11.30.2018
↑ 09 new homes brought on the market for sale
↓12 homes went under contract as pending sales
↓ 10 homes closed escrow and now have new homeowners
↑ 26 Average days on market
↑ 1.9 Months of inventory available
↓ $ 949 Per square foot for sold homes
↓ 2.1% Above asking price was average sale price
↑ $1,679,372 Average Sale Price of a home in Redwood City
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Consistent for 2018: Softer Seller’s Market
Redwood City real estate agents are talking about how they can feel the housing market is changing. They are complaining about how homes are NOT selling in 2-days! All I can say is… they are right the market is changing and welcome to a normal real estate market. This “flatness” trend is normal for this time of year. From Thanksgiving through Super Bowl Sunday real estate activities fall off by as much as 40%. Not to worry though as it will be short lived, because there is still a strong demand by home buyers and not enough inventory to satisfy their demands.
Everyone knows this current upward market trend cannot continue indefinitely. We are seeing higher number of reductions in list prices and lower price per square foot and LP:SP ratios. That being understood, it is important to remember the bubble is not close. Because the demand for housing continues to be strong. Home-buyers are going to have to continue to pay current prices for homes.
This past week we have seen annual numbers trending in the same ranges as the previous week. However, Days on The Market is trending up. It’s been around 15 days for 2018 and for November that number rose to 26 days. Monthly inventories are trending up from their low in June (.7) For the month of November it was 1.9 days. Price per square foot is trending downward since the high of April ($ 1133). Last month is was $949. SP:LP is trending down to 2.1% from the high in April of 14.4%. Homes are being brought onto the market more at what home-buyers are willing to pay. The average sale price is right in line with the starting of 2018 ($1,679,372.)
The raw numbers
New listings (9 homes) came on the market for sale. Still low inventories, (121 homes: 66% Active and 34% Pending or there are 80 SFR for buyers to choose from), which is still favorable to homeowners. 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 $949 last week.
Prices of Redwood City new homes have steadily been on an upward-trend as demonstrated by 9 new homes were listed over one million dollars there was a total of 9 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 13-homes for sale under $1M of the 80 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 $ 1,756,843. This is indicating affordable homes prices remains only for the few. Sale prices are stable, inventories up with buyers paying (SP:LP ratio) of 5.3% over asking price. I believe this is due in part to homeowners pricing their homes closer to true market value. And interest rates are on the rise.
13 – Homes under $1M of the 80 homes available – (11%)
There is bad news for home-buyers. The real estate market has been somewhat “flat” since Summer. The appreciation for 2018 sits at 14.5%. This is the highest we have seen in a few years. I believe the high paying jobs and the continued demand for housing will cause this trend to continue.
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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