Market Update for Redwood City, CA Real Estate: 3.1.2019

Posted on: March 1st, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City | No Comments

As of 3.1.2019 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.

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Market Update for Redwood City, CA Real Estate: 3.1.2019

 ↑ 12 new homes brought on the market for sale

↓ 09 homes went under contract as pending sales

↑ 13 homes closed escrow and now have new homeowners

↓ 30 Average days on market

↓ 1.5 Months of inventory available

↑ $ 1015 Per square foot for sold homes

↑ 3.5% Above asking price was average sale price

↓ $1,719,480 Average Sale Price of a home in Redwood City

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

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Cliff’s Viewpoint:

Seller’s Market

Redwood City CA: We are seeing changes in average home prices, which are starting to head upwards. And the length of time on the market before an offer is accepted is heading back down to last year figures. These trends favor home sellers. The Sale Price vs List Price ratio is starting an upward swing. The months of inventory is heading downwards. The number of new homes brought on the market for sale is 25.0% of the sold homes. The demand by home buyers are still strong. However their selections of homes are slightly more than the previous few months.

This trend is somewhat normal for this time of year. The Spring market has not yet began, I think due in part to the torrent rainfall we have been seeing. One could also say home buyers are also uncertain about the future of home prices. They appear to have adopted a wait and see mentality.

Everyone knew rapid upward market trends cannot continue indefinitely. It is important additionally to understand the bubble is not here. Because the demand for housing continues to be strong. Home-buyers are going to have to continue to pay high prices for their homes. This should continue throughout 2019 especially is the Feds raise interest rates on home loans as they have indicated.

The raw numbers

New listings (12 homes) came on the market for sale. Still low inventories, (90 homes: 50 Active and 40 Pending), which is still favorable to homeowners.  Price reduction on homes are leveling off, (8) 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 $1015 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.  12 new homes listed over one million dollars. There was a total of 12 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City there are 8.0% 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 $ 1,719,480.

4 – Homes under $1M of the 50 listings available – (8.0%)

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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.

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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.

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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.

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.

#fridaymarketupdate #trendsforhomes #redwoodcity #sancarlos #woodside #siliconvalleyhomevalues

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