Friday, April 26, 2019 Redwood City Market Update
The results for the Past 7-Days in Redwood City. Provided by Cliff Keith, 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 single family homes. 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.
Friday, April 26, 2019 Redwood City Market Update
↑ 20 new homes brought on the market for sale
↓ 16 homes went under contract as pending sales
↑ 11 homes closed escrow and now have new homeowners
↓ 21 Average days on market
↓ 1.7 Months of inventory available
↑ $ 1042 Per square foot for sold homes
↓ 5.8% Above asking price was average selling price
↓ $1,755,835 Average Sale Price of a home in Redwood City
Redwood City CA: We are seeing changes in the average for homes, which are starting to head up again. And the length of time on the market before an offer is accepted is slightly heading down during this Spring market. These trends favor home sellers. The Sale Price vs List Price ratio is back to over 5%. The months of inventory available is heading down. The number of new homes brought on the market for sale is 45% of the sold homes. This means the demand for homes is still strong. However, the home-buyers’ selections of homes are slightly more than the previous few months.
This trend is somewhat normal for this time of year. The Spring market seems to have begun, I think due in part to the sunny days 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 knows rapid upward market trends can not continue indefinitely. It is important additionally to understand the bubble is not here. Because the demand for housing is still very strong. And mortgage interest rate remains affordable and stable. Home-buyers are going to have to continue to pay higher prices for their homes. This should continue throughout 2019.
The raw numbers
New listings (20 homes) came on the market for sale. Still low inventories, (123 homes: 73 Active and 48 Pending), which is still favorable to homeowners. Price reduction on homes are consistent week to week number of 2, (14) for the month of April 2019. Costs per square foot has remained stable for the past 10 months. The bench mark of $1000/sq.ft. has been consistent for all of 2018/9. it was $1042 last week.
Home Prices for Redwood City new homes has started to remain level. They have been in the range of $1.6- $1.7 since Jan. 1, 2019. 19 new homes listed over one million dollars. There was a total of 20 homes brought onto the market. The means 95.0% of the homes listed last week for sale were over $1M! In Redwood City there are 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 $ 1,755,835.
5 – Homes under $1M of the 73 listings available – (7.8%)
Question: When’s the best time to buy a home?
Answer: Today is the correct answer! If you said yesterday you were actually correct, however, too bad those prices are gone. I don’t see any let up on the current strong demand for homes. I believe this trend will continue to support prices going up for homes. 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 lots of other 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 offers for more money.
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.
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 for the amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.