Redwood City. Friday’s Real Estate Market Update, May 31, 2019
As of 5.31.2019 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.
Market Update for Redwood City, CA Real Estate: May 31, 2019
↓ 11 new homes brought on the market for sale
↑ 21 homes went under contract as pending sales
± 12 homes closed escrow and now have new homeowners
↑ 17 Average days on market
↓ 1.3 Months of inventory available
↑ $ 975 Per square foot for sold homes
± 3.5% Above asking price was average selling price
↓ $1,932,824 Average Sale Price of a home in Redwood City
Redwood City CA: We are seeing changes in the average sale price for homes, which are starting to head up. And the length of time on the market is stable. These trends favor home sellers. The Sale Price vs List Price ratio is down indicating homes are listed for sale at a more reasonable price to home-buyers. The months of inventory available is heading down. The number of new homes brought on the market for sale is 52.38% of the sold homes. This means more home are going out the door than are coming in.
What the future looks like nation-wide…
- “Economic growth in Q1 accelerated, but momentum is slowing. Inflation pressures were much weaker than initially thought, supporting lower rates.
- Consumer confidence rose in May to its highest level since December 2010, thanks in large part to a healthy job market and rising wages.
- However, concerns over a slowing economy and inverted bond yield curves have economists speculating that we could see a recession in the upcoming year.
- According to the FHFA, home prices rose 5.1% in Q1 from a year earlier. This is slower growth than in recent years but still a historically healthy pace.
- Case Shiller also reported home prices rising at a slower pace, despite falling mortgage rates. This is good news, though, for buyers entering the market.
- Pending home sales fell unexpectedly in April. Compared to a year ago, sales were down 2.0%, marking the 16th straight month of annual decreases.”
Everyone knows rapid upward market trends could 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 (11 homes) came on the market for sale. Still low inventories, (146 homes: 79 Active and 67 Pending), which is still favorable to homeowners. Price reduction on homes are up 36 for the month of May. April had 14. 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 $975 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 for the last two years. Last week 11 new homes listed over one million dollars. There was a total of 11 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City currently there are 4 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 $ 1,932,824.
4 – Homes under $1M of the 79 listings available – (5.1%)
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.
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 for the amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.
Additionally, feel free to friend/like me on any of the social networks listed below. If you are old fashion, (and that is a good thing too!), or in a hurry please feel free to call/text, or email from the numbers and address listed below. This has been your Redwood City. Friday’s Real Estate Market Update, May 31, 2019
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