Real Estate Market Update – Redwood City, CA: June 21, 2019

Posted on: June 22nd, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City |

Real Estate Market Update – Redwood City, CA: June 21, 2019

Real Estate Market Update - Redwood City, CA: June 21, 2019
El Camino Real Arch c. 1934

As of June 21, 2019 what is the offer on a home to make? This post gives you the results for the Past 7-Days for 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: June 21, 2019

↑ 18 new homes brought on the market for sale

↓ 19 homes went under contract as pending sales

↑ 21 homes closed escrow and now have new homeowners

↑↑ 30 Average days on market

↑ 1.4 Months of inventory available

↓ $ 1017 Per square foot for sold homes

↑ 3.2% Above asking price was average selling price

↓ $1,746,431 Average Sale Price of a home in Redwood City

Cliff’s Viewpoint:

Real Estate Market Update - Redwood City, CA: June 21, 2019Seller’s Market Real Estate Market Update - Redwood City, CA: June 21, 2019

Redwood City CA: We are seeing changes in the average sale price for homes settling in $1.7 range. And the length of time on the market is moving up. These trends still favor home sellers. The Sale Price vs List Price ratio is down from 2018 and is hovering between 3.1% – 4.5% for 2019.  The months of inventory available continues to less than 2 months. The number of new homes brought on the market for sale is one house under 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. This is making home buyers happier.

The Economy…

  • “The Fed kept policy rates unchanged at this week’s FOMC meeting. However, the policy statement left the door open for possible rate cuts later this year.
  • The 10yr Treasury yield dropped below 2% this week for the first time since November 2016. Falling yields could indicate that lower rates are yet to come.
  • Bonds aren’t the only ones improving. Stocks are also hitting record highs after global central banks have signaled a willingness to stimulate growth.

 Housing News…

  • Home builder sentiment retreated slightly in June, according to the monthly NAHB index, despite lower mortgage rates and demand for single-family homes.
  • Housing starts dropped in May, but groundbreaking activity the prior 2 months was stronger than previously thought, pointing to housing market improvement.​
  • Building permits rose 0.3% in May, for a second straight month. Permits to build single-family homes were up 3.7%, after 5 straight months of declines.”​

Stability is the flavor of the month for the current real estate market. The demand for housing is still very strong. And mortgage interest rate remains stable. I am seeing some loan product out there where rates are softening.  Home buyers are facing exceptional good loans now for their purchases.

The raw numbers

New listings (18 homes) came on the market for sale. Still low inventories, (134 homes: 71 Active and 63 Pending), which is still favorable for home sellers.  This month, price reduction on homes (17), this past week 5 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 week the price was $1017/sq ft.

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. Last week the Average Sale Price in RWC was $1,746,431

Last week 17 new homes were listed over one million dollars. There was a total of 18 homes brought onto the market. The means 94.11% of the homes listed last week for sale were over $1M! In Redwood City there are 4 homes for sale under $1M! They are all Condos.

4 – Homes under $1M of the 71 listings available – (5.64%)!!!

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?

Real Estate Market Update - Redwood City, CA: June 21, 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.

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