Real Estate Market Update – Redwood City: August 2, 2019

Posted on: August 2nd, 2019 | By Cliff Keith | Featured Posts, Friday's Weekly Market Update For Redwood City |

Real Estate Market Update - Redwood City: August 2, 2019

Real Estate Market Update – Redwood City, CA: August 2, 2019

As of August 2, 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 for Redwood City, CA Real Estate: August 2, 2019

↓ 08 new homes brought on the market for sale

↓ 08 homes went under contract as pending sales

↓↓ 14 homes closed escrow and now have new homeowners

↓ 24 Average days on market

↓ 0.9 Months of inventory available

↑↑ $ 1080 Per square foot for sold homes

↑ 2.7% Above asking price was average selling price

↑ $1,824,532 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 settling in around the mid to high $1.7 range. And the length of time on the market for homes in 2019 is moving upwards. These trends still favor home sellers as the changes are not severe. The Sale Price vs List Price ratio is down from 2018 and is hovering in 2.1% – 3.0% the last month or so.  The months of inventory available continues to less than 2 months. Which translate to more scarcity of homes for buyers to 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 are almost nillWe 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 sellers they need to price their homes more in line to their true values.

The raw numbers

New listings (8 homes) came on the market for sale. Still low inventories, (99 homes: 55 Active and 44 Pending), which is even more favorable for home sellers then in June 2019.  This month, price reduction on homes (18), this past week 4 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. The past week the price was $1080/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 $1,824,532

Last week 8 new homes were listed over one million dollars. The means 100% of the homes listed last week for sale were listed for over $1M! In Redwood City there are 7 homes (87.27%) for sale under $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 Market Update - Redwood City: August 2, 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.???


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

 

 

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