Market Update for Redwood City, CA Real Estate: 3.22.2019
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: 3.22.2019
↑ 16 new homes brought on the market for sale
↑ 17 homes went under contract as pending sales
↓ 10 homes closed escrow and now have new homeowners
↑ 29 Average days on market
↑ 1.8 Months of inventory available
↓ $ 1066 Per square foot for sold homes
↑ 1.8% Above asking price was average sale price
↓ $1,901,648 Average Sale Price of a home in Redwood City
*** Click here to see other communities updates. ***
Redwood City CA: We are seeing changes in average home prices, which are heading upwards. And the length of time on the market before an offer is accepted is heading downwards, however not as low as last year. These trends favor home sellers even-though it may appear to be a shifting market. The Sale Price vs List Price ratio is starting an upward trend. The months of inventory is lower again. The number of new homes brought on the market for sale is equal to the homes sold. The demand of home buyers is still strong. Their selections of homes is slightly more than the previous few months. The surprise trend is the reduction in list price which sat the highest for 2019. That figure was 6 homes reduced in price.
The trends we are experiencing is normal for this time of year. The Spring market has not hit full stride, I think due in part to the torrent rainfall. One could also say home-buyers are uncertain about the future of real estate. The home-buyers appear to have adopted a wait and see mentality.
It’s not a surprise, everyone knew that rapid upward market trends could not continue indefinitely. Additionally, it is important to understand a traditional real estate bubble is not here. Because the demand for housing continues to be strong. Home-buyers will continue to pay higher prices for their homes. This should continue throughout 2019.
The raw numbers
New listings (16 homes) came on the market for sale. Still low inventories, (108 homes: 59 Active and 49 Pending), which is still favorable to homeowners. Price reduction are raising, 8 for the month of February and March, 11 to date. Costs per square foot has remained stable for the past 9 months. The bench mark of $1000/sq.ft. has been consistent for all of 2018. it was $1066 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. 13 new homes listed over one million dollars. There was a total of 15 homes brought onto the market. The means 81.25% of the homes listed last week for sale were over $1M! In Redwood City there are 10.16% active homes for sale under $1M
The beginning of 2018 Redwood City properties were offered for sale at around the $1.7 M price range. This past week the average selling price of a home in Redwood City was $ 1,901,648.
6 – Homes under $1M of the 59 listings available – (10.16%)
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 for all of 2019.
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 on the other hand you wish to purchase a home why not put our 43+ years to work for you? Some of the homes we can show you are not in the 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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