Market Update for Redwood City, CA Real Estate: March 15, 2019

Posted on: March 15th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City | No Comments

Market Update for Redwood City, CA Real Estate: March  15, 2019
El Camino Real Arch c. 1934

Market Update for Redwood City, CA Real Estate: March 15, 2019

As of March 15, 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:3.15.2019

↑ 15 new homes brought on the market for sale

↑ 15 homes went under contract as pending sales

↓ 14 homes closed escrow and now have new homeowners

29 Average days on market

↓ 2.9 Months of inventory available

↓ $ 1066 Per square foot for sold homes

↓ 99.3% Of asking price was average sale price

↓ $2,077,083 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  We are not seeing changes in Redwood City real estate. However, these changes favor home sellers. The Sale Price vs List Price ratio is staying below the 100% mark. The months of inventory is sliding upwards. And the amount of sold and closed homes exceeds the number of new homes brought on the market for sale.

The demand for homes is still strong and the number available to choose was the most so far for 2019 but they are still low.

This “flatness” trend is normal for this time of year. The Spring Market hasn’t gotten in full swing yet, but I expect it to pick up within the next two weeks. 

Interest rates are still low. Feds have hinted they don’t believe they will raise them three times in 2019 as had been stated late last year. There is still many home buyers out there. Sunday open houses are starting to have more guests showing up. But, the underlining theme is still one of cautious by…lenders, agents, and home buyers.

Everyone knows the upward market trend cannot continue indefinitely. We are seeing higher number of reductions in list prices and lower price per square foot. However it’s important to understand the bubble is not here.

This past week we have seen annual indexes trending in the same ranges as the previous week. However, Days on The Market is trending up again. It’s been around 15 days for 2018 and for 2019 that number rose to high 20’s in days. Monthly inventories are trending up from their low in June 2018 (.7).  For the month of January 2019 it was 2.5 days. Price per square foot is trending downward since the high of April ($ 1133). So far this year it’s hovering around the $1,000 mark. SP:LP is starting to go over asking price to 1.0% from the high in April 2018 of 14.4%. The average sale price is up.


The raw numbers

New listings (15 homes) came on the market for sale. Still low inventories, (56 homes: 54.36% Active and 45.64% Pending), which is still favorable to homeowners. 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 $1066 last week.

Home Prices for Redwood City new homes have steadily been on an upward-trend as demonstrated by 15 new homes listed over one million dollars there was a total of 15 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City there are 8.92% homes for sale under $1M

The beginning of 2017 Redwood City properties were offered for sale at around the $1.5M price.

5 – Homes under $1M of the 56 homes available – (8.92%)


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: January 25, 2019
Call Cliff (650) 346-7366

To find a new 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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