Market Update for Redwood City, CA Real Estate: February 22, 2019

Posted on: February 22nd, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Market Update for Redwood City, CA Real Estate: February 22, 2019
El Camino Real Arch c. 1934

Market Update for Redwood City, CA Real Estate: February 22, 2019

As of February 22, 2019 what is the offer on a home to make? This post gives you the results for the Past 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: 2.22.2019

↓ 10 new homes brought on the market for sale

↓11 homes went under contract as pending sales

↓↓ 06 homes closed escrow and now have new homeowners

↓ 34 Average days on market

↓↓ 2.7 Months of inventory available

↓ $ 1002 Per square foot for sold homes

↓↓ 2.9% Above asking price was average sale price

↑ $1,753,167 Average Sale Price of a home in Redwood City

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


 Cliff’s Viewpoint:

Stagnant Market

Redwood City CA There is a stagnant market this past week. It could be because of President’s Day three day weekend. All trends were on a downward mode except for the average sale price. These changes still favor home sellers. The Sale Price vs List Price ratio is starting an settle in around the 3% mark. The months of inventory is starting to mirror 2018. The number of sold homes was slightly more than the number of new homes listed.

The demand by home buyers are still strong. However their willingness to make an offer is suspect. The Spring market is stagnant. This should change in the next couple of weeks. One could also say home buyers are uncertain about the future of home prices. They appear to have adopted a wait and see mentality.

Everyone knows this past rapid upward market trend would not continue indefinitely. We are seeing higher number of reductions in listing prices. However, it is important to understand the bubble is not here. Because the demand for housing continues to be strong. Home-buyers are going to have to make a decision soon on buying their homes. 


The raw numbers

New listings (10 homes) came on the market for sale. Still low inventories, (102 homes: 52 Active and 50 Pending), which is still favorable to homeowners.  Price reduction on homes are leveling, (7) for the month of February 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 $1002 last week.

Home Prices for Redwood City new homes have been like a yo-yo all of 2019. They have been in the range of $1.6- $1.7 all year.  09 new homes listed over one million dollars. There was a total of 10 homes brought onto the market. The means 90% of the homes listed last week for sale were over $1M! In Redwood City there are 11.5% homes for sale under $1M

The beginning of 2018 Redwood City properties were offered for sale at around the $1.7M price range. This past week the average selling price of a home in Redwood City was $ 1,753,167.

6 – Homes under $1M of the 52 listings available – (11.5%)


 

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.


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. 


What to Do Next?

Market Update for Redwood City, CA Real Estate: February 22, 2019
Call Cliff (650) 346-7366

To sell your home for yourself or a friend all you need to do is this easy 3-Step Process.

  1. Pick up your cell phone,
  2. Look up my number (650-346-7366),
  3. Call me immediately.

When you call, we will figure out the best way you can introduce me to your friend. That way they’ll get the best information that will help them. You want that don’t you?  

 


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