January 11, 2019 – results for the Past 7-Days in Redwood City CA

Posted on: January 11th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

January 11, 2019 - results for the Past 7-Days in Redwood City CA
Redwood City Arch c.1934

January 11, 2019 – results for the Past 7-Days in Redwood City CA

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.

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.


Market Update for Redwood City CA: January 11, 2019

↑ 08 new homes brought on the market for sale

↓06 homes went under contract as pending sales

↓ 07 homes closed escrow and now have new homeowners

↑ 23 Average days on market

↓ 5.4 Months of inventory available

↑ $1029 Per square foot for sold homes

↓ 99.7% Above asking price was average sale price

↑ $1.715,625 Average Sale Price of a home in Redwood City


Cliff’s Viewpoint:

Normal Holiday Results:  Seller’s Market

This past week we have seen the YTD average number of 8 new listings (homes) coming on the market for sale. Price reduction on homes are still strong. This means list prices have been viewed as being too high for today’s home-buyers. They are not making offers on these perceived over-valued homes. Monthly Inventories have continued their upward trend. Even costs per square foot has inched back up to $1029/ft.  Average Sales Price has remained steady to under its’ $1.8M perch it has enjoyed for over 5 months. Home prices on average in Redwood City last week was $1,715,625. It is indeed good news for the home sellers of today! 

Prices of homes have steadily been on an upward trend though, as demonstrated by 8 new homes were listed over one million dollars there was a total of 8 homes brought onto the market. The means 100% of the homes listed last week were $1M plus!

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 $ 1.7M+. This is the barometer for what homes sold for since the end of Summer 2018.

Holiday Slow Down

The Redwood City CA real estate market is demonstrating it normal pattern. However, in 2018 we are not seeing the usual 40% reduction in activities, but instead this year it’s more like 60%. People seem to being taking the Holiday Season off. They will return after Super Bowl Sunday in full force. It’s still a good time to sell real estate. It’s even a better time for home buyers as the Feds have raised interest rates and stated they are going to raise them twice in 2019. This has a direct impact on the affordable housing index.


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?

January 11, 2019 - results for the Past 7-Days in Redwood City CA
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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