Market Update for Redwood City, CA Real Estate: 4.19.2019

Posted on: April 19th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Market Update for Redwood City, CA Real Estate: 4.19.2019
El Camino Real Arch c. 1934

Market Update for Redwood City, CA Real Estate: 4.19.2019

As of 4.19.2019 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: 4.19.2019

↓ 15 new homes brought on the market for sale

↓↓ 16 homes went under contract as pending sales

↓ 09 homes closed escrow and now have new homeowners

↑ 32 Average days on market

↑↑ 5.1 Months of inventory available

↑ $ 1039 Per square foot for sold homes

↓ 99.7% Below asking price was average selling price

↓ $1,782,100 Average Sale Price of a home in Redwood City

 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 up during this Spring market. These trends favor home sellers. The Sale Price vs List Price ratio is starting an down-ward swing. The months of inventory is heading upwards. The number of new homes brought on the market for sale is 40% of the sold homes. The demand by home buyers are 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 knew rapid upward market trends could not continue indefinitely. It is important additionally to understand the bubble is not here. Because the demand for housing continues to be strong. And mortgage interest rate are affordable and stable. Home-buyers are going to have to continue to pay high prices for their homes. This should continue throughout 2019.

The raw numbers

New listings (15 homes) came on the market for sale. Still low inventories, (135 homes: 69 Active and 56 Pending), which is still favorable to homeowners.  Price reduction on homes are consistent week to week number of 4, (12) 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 $1039 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. ‘19.  14 new homes listed over one million dollars. There was a total of 15 homes brought onto the market. The means 93.33% of the homes listed last week for sale were over $1M! In Redwood City there are 6 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.

6 – Homes under $1M of the 69 listings available – (8.7%)

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 you want to sell your home in San Mateo or Santa Clara counties Cliff Keith and Team is here to help you.

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?

Market Update for Redwood City, CA Real Estate: 3.22.2019
Call Cliff (650) 346-7366

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 #redwoodcityca #sancarlosca #woodsideca #siliconvalleyhomevalues

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