Real Estate Friday’s Market Update. Buyers should be happy…

Posted on: August 23rd, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City | No Comments

Real Estate Friday's Market Update. Buyers should be happy...
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Real Estate Market Update – Redwood City, CA: August 23, 2019

 

As of August 23, 2019 what should you offer on a home you want to purchase? This post gives you the results for the Past 7-Days for Redwood City.. This proprietary information is provided by Cliff Keith, of SF Bay Homes with data from the local Multiple Listing Service, (MLS) MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.

MLS’s numbers are for the past seven days for housing in Redwood City, CA. They are keyed how they compare to the previous weeks with an up or down arrow. The ± symbol is for numbers that were unchanged week over week.


Market Update:  Redwood City, CA Real Estate: August 23, 2019

↑ 10 new homes brought on the market for sale

↓ 10 homes went under contract as pending sales

↑ 09 homes closed escrow and now have new homeowners

↓ 39 Average days on market

↓ 2.0 Months of inventory available

↑ $ 974.00 Per square foot for sold homes

↓ 0.2% Above asking price was average selling price

↓ $1,687,723 Average Sale Price of a home in Redwood City


 

Cliff’s Viewpoint:

Seller’s Market

Redwood City CA: We are seeing softening of the average sale price for homes settling in Redwood City. And the length of time on the market for homes to sell is moving upwards. The upward movement is almost 30%. These trends still favor home sellers. The Sale Price vs List Price ratio is down from 2018 and is hovering in 2.1% – 3.0%. Last week it dropped to 0.2%!  The months of inventory available for homes continues to be less than 2.0 months. Which translate to more scarcity of homes buyers can choose. The number of new homes brought on the market for sale is maintaining equal amounts as the number of homes sold. The growth of new homes is almost nil.

We are seeing an uptick of home prices being reduced or cancelled and being relisted at a reduced price. This has been unheard of for the past few years. This is forcing home sellers to price their homes in line to their true market value.


The raw numbers

New listings (10 homes) came on the market for sale. Still low inventories, (101 homes: 57 Active and 44 Pending), which is even more favorable for home sellers then in June. August has seen price reduction on homes (19), this past 3-weeks vs. 31 for the month of May. April had 14. Costs per square foot has remained stable for the past 10 months. The benchmark of $1000/sq.ft. has been consistent for all of 2018/9.

Home Prices for Redwood City new homes remained above the $1.6 M level. Homes have been closing in the price range of $1.6- $1.7 for 2017 and 2018. Last week the Average Sale Price in RWC was $1,687,723

Last week 8 new homes were listed over one million dollars. The means 80% of the homes listed last week for sale were listed for over $1M! In Redwood City there are 8 homes (85.96%) for sale over $1M!


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 Friday's Market Update. Buyers should be happy...
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.


#SellMyHome #SFBayHomes #RealEstate #appraisalmethod #appraiservalue #fridaymarketupdate #trendsforhomes #redwoodcityca #sancarlosca

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