Home Trends – Redwood City. Friday Market Update, June 7, 2019

Posted on: June 7th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Home Trends - Redwood City. Friday Market Update, June 7, 2019
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As of June 7, 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.


 

Home Trends – Redwood City. Friday Market Update, June 7, 2019

↑ 19 new homes brought on the market for sale

↓ 20 homes went under contract as pending sales

↑ 14 homes closed escrow and now have new homeowners

↑ 21 Average days on market

± 1.3 Months of inventory available

↓ $ 944 Per square foot for sold homes

↑ 3.9% Above asking price was average selling price

↓ $1,927,040 Average Sale Price of a home in Redwood City

 


Cliff’s Viewpoint:

Seller’s Market

Redwood City CA: We are seeing changes in the average sale price for homes move up only $400 last week. And the length of time on the market is stable since the beginning of April. These trends favor home sellers. The Sale Price vs List Price ratio is down from 2018 and is hovering between 3.5% – 4.5% for 2019.  The months of inventory available is staying under 2 months. The number of new homes brought on the market for sale is equal to the homes sold.

We are seeing home prices being reduced in price or cancelled and being relisted at a reduced price. This has been unheard of for the past few years making home buyers happier.


What the future looks like nation-wide…

  • “Mortgage rates continue to improve as mortgage bonds reach levels not seen since 2017. The outlook remains good that rates could even go lower this year.
  • As U.S trade tensions have increased, so have concerns about a global economic slowdown, helping mortgage rates remain low.
  • The Fed is starting to signal it is open to easing monetary policy. Recent comments have markets looking for Fed policy rate cuts later this year.
  • Construction spending was flat in April, but home construction spending declined for the 4th straight month.
  • Kitchen remodel expenditures jumped 27% in the last year. The median cost for upgrades was $14,000, according to a survey of over 140,000 homeowners.​
  • Flipped homes, or homes resold within 12 months after purchase, made up 7.2% of all transactions in the first quarter, the biggest share since the start of 2010.” ​

Everyone knows rapid upward market trends we have seen over the past cannot continue indefinitely. However, the bubble is not here. The demand for housing is still very strong. And mortgage interest rate remains affordable-stable. In fact, I am seeing some loan product out there where rates are softening.  Homebuyers are facing exceptional loans now for their new homes.

Home Trends - Redwood City. Friday Market Update, June 7, 2019
Upward trend

The raw numbers

New listings (19 homes) came on the market for sale. Still low inventories, (144 homes: 81 Active and 66 Pending), which is still favorable to homeowners.  Price reduction on homes are 6 this past week vs. 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. The past 5 weeks the price/sq ft has remained under $1K, it was $944 last week.

 

Home Prices for Redwood City new homes remained level. They have been closing escrow in the range of $1.6- $1.7 for 2017 and 2018. Since March 2019 the average sale price is over $1.9M. 

Last week 19 new homes were listed over one million dollars. There was a total of 19 homes brought onto the market. The means 100% of the homes listed last week for sale were over $1M! In Redwood City there are 2 homes for sale under $1M! They are both Condos.

2 – Homes under $1M of the 78 listings available – (2.57%)!!!


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.

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 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?

Home Trends - Redwood City. Friday Market Update, June 7, 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.

Compare Previous Home Trends – Redwood City. Friday Market Update


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