Redwood City’s Market Trends for Real Estate May 24, 2019

Posted on: May 24th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City | No Comments

Redwood City's Market Trends for Real Estate May 24, 2019
El Camino Real Arch c. 1934

Redwood City’s Market Trends for Real Estate May 24, 2019

As of 5.24.2019 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.

Redwood City’s Market Trends for Real Estate May 24, 2019

↓ 21 new homes brought on the market for sale

↑ 15 homes went under contract as pending sales

↑ 12 homes closed escrow and now have new homeowners

± 16 Average days on market

↓ 1.9 Months of inventory available

↓ $ 958 Per square foot for sold homes

↓↓ 3.5% Above asking price was average selling price

↑ $1,962,917 Average Sale Price of a home in Redwood City

Cliff’s Viewpoint:

Still a Seller’s Market

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 homebuyers.  The months of inventory available is heading down. The number of new homes brought on the market for sale is 28.58% of the sold homes. This means more home are going out the door than are coming in.

New happening is there was a Short Sale listed last week. This is the first step to a Foreclosure. We are also seeing home price reductions as a steady trend. This has been unheard of for the past few years.

What the future looks like nation-wide…

“Last month’s Fed meeting minutes show officials are in no hurry to move interest rates up or down, though investors are looking for a rate cut by year’s end.

Recent escalation in the trade war with China has helped keep rates low and could cause more slowdown in the global economy, also helpful for low rates.

Consumers seem bullish on the economy, as sentiment reached a 15-year high. However, the reading was taken before recent trade tensions with China.

Existing home sales fell in April, likely due to high prices and tight supply at the low end of the market. Recent rate drops should counter high prices moving forward.

New single-family home size increased roughly 8% at the start of 2019, now an average of 2,551 square feet. Median home size also increased 11% to 2,335.​

More baby boomers are choosing to age in place, contributing to low inventory across the country. Almost 52% of boomers say they’ll never move.​”

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 (21 homes) came on the market for sale. Still low inventories, (147 homes: 88 Active and 59 Pending), which is still favorable to homeowners.  Price reduction on homes are up 31 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 $958 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 21 homes brought onto the market. The means 90.47% of the homes listed last week for sale were over $1M! In Redwood City there are 7 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 $ 1,962,917.

7 – Homes under $1M of the 88 listings available – (8%)

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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.

  1. Redwood City's Market Trends for Real Estate May 24, 2019
    Call Cliff 650-346-7366

    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.

#realestatemarketupdate #whathomesaresellingfor #markettrends #realestate

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