Real Estate Market Trends: Updated Sept. 27, 2019

Posted on: September 27th, 2019 | By Cliff Keith | Friday's Weekly Market Update For Redwood City | No Comments

Real Estate Market Trends: Updated Sept. 27, 2019

Real Estate Market Trends: Updated Sept. 27, 2019The results for the Past 7-Days in Redwood City.  Provided by Cliff Keith, 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 single family homes. 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.

Real Estate Market Trends: Updated Sept. 27, 2019

↓ 24 new homes brought on the market for sale

↑ 18 homes went under contract as pending sales

↑ 07 homes closed escrow and now have new homeowners

↓ 24 Average days on market

↓ 2.4 Months of inventory available

↓↓ $ 954 Per square foot for sold homes

↓ 0.0% Above asking price was average selling price

↑ $1,755,835 Average Sale Price of a home in Redwood City

Cliff’s Viewpoint:

Redwood City CA:

The biggest change for real estate trends in Redwood City this past week was REDUCTION of price. Homes which are currently listed on the MLS had 11 homes submitted price reduction. This trend for the past two years has hovered under the 4 homes mark. There was a week in May of this year where there were 7 homes in one week’s time with reduction in prices. But 11 homes has been  unheard of for a number of years!

The market continues to be low in inventory sitting at 2.4 months, which is not good for home buyers. Home are still selling in about 3 weeks. The price per square fool are dropping below the $1,000 per square foot. This week the price per square fool is $954. This is the lowest it has dropped to all of 2019. 

I believe this may because home buyers are not paying the high prices for the smaller homes. The bigger homes are still maintaining their values. This is noted by the average sale price of a home this week to be $ 1,675,387. And homes this week sold at their list price. The sale price vs list price ratio was at 100% meaning no over-bids.

14 – Homes under $1M of the 80 listings available – (82.5%)

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. Real Estate Market Trends: Updated Sept. 27, 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.

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