Market Update for Redwood City, CA Real Estate: 1.18.2019

Posted on: January 18th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Market Update for Redwood City, CA Real Estate: 1.18.2019
El Camino Real Arch c. 1934

Market Update for Redwood City, CA Real Estate: 1.18.2019

As of 1.18.2019 what is the offer on a home to make? This post gives you the results for thePast 7-Days in Redwood City.This will help you understand the value of a home based on empirical data from the MLS. Additionally, there’s a link,  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.


Market Update for Redwood City, CA Real Estate:1.18.2019

↑ 10 new homes brought on the market for sale

 ↓ 07 homes went under contract as pending sales

↑ 10 homes closed escrow and now have new homeowners

↑ 28 Average days on market

↓ 2.9 Months of inventory available

↓ $ 988 Per square foot for sold homes

↑ 1.4% Above asking price was average sale price

↓ $1,621,173 Average Sale Price of a home in Redwood City

 

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


 Cliff’s Viewpoint:

Seller’s Market

Redwood City CA is seeing the Holiday Season is ending. We are not seeing big changes, however, there are changes and they favor home sellers. The Sale Price vs List Price ratio is starting an upward swing. The months of inventory is sliding downward rapidly. And the amount of sold homes exceeded the new homes brought on the market for sale by 59%.

The demand for homes is still strong and the number available to choose from is still few.

This “flatness” trend is normal for this time of year. From Thanksgiving through Super Bowl Sunday real estate activities falls off by as much as 40%. This year we saw a 60% slow down. I think everyone is plum burnt out with the many challenges of day to day life. It can be just plain ol’ ugly out there sometimes.

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. However it is important to understand the bubble is not close. Because the demand for housing continues to be strong and there isn’t enough homes to go around. Home-buyers are going to have to continue to pay high prices for their 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 2019 that number rose to 28 days. Monthly inventories are trending up from their low in June (.7) For the month of January 2019 it was 2.9 days. Price per square foot is trending downward since the high of April ($ 1133). So far this year it is $988. SP:LP is starting to go over asking price to 101.4% from the high in April 2018 of 114.4%. 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 (10 homes) came on the market for sale. Still low inventories, (84 homes: 63% Active and 37% Pending), which is still favorable to homeowners.  Price reduction on homes are leveling, (1) for the month of January 2019. Costs per square foot has remained stable for the past 8 months. The bench mark of $1000/sq.ft. has been consistent for all of 2018. it was $988 last week.

Home Prices for Redwood City new homes have steadily been on an upward-trend as demonstrated by 10 new homes listed over one million dollars there was a total of 10 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City there are 14.28% homes for sale under $1M

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 $ 1,621,173.

13 – Homes under $1M of the 84 homes available – (14.28%)

There is good news for home-buyers. The Feds are hinting they’re not going to raise the interest rate on home loans as they had indicated the last time they met.


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?

Market Update for Redwood City, CA Real Estate: 1.18.2019
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 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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