Real Estate Market Update – Redwood City, CA: October 18, 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: October 18, 2019
↓ 18 new homes brought on the market for sale
↑ 16 homes went under contract as pending sales
↑*17 homes closed escrow and now have new homeowners
↑** 18 Average days on market
↓ 2.4 Months of inventory available
↓ $ 1048.00 Per square foot for sold homes
↓↓ 2.4% Above asking price was average selling price
↓ $1,953,517 Average Sale Price of a home in Redwood City
Redwood City CA: We are seeing softening of the list price for homes. And the length of time on the market for homes to sell is moving down. 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 2.4%! The months of inventory available for homes continues to be less than 2.4 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. Home buyers are also taking their time before making offers on their new home.
The raw numbers
New listings (18 homes) came on the market for sale. Still low inventories, (135 homes: 79 Active and 56 Pending), which is even more favorable for home sellers. October has seen price reduction on homes (19), this past 3-weeks. 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. Last week it was $1048/ sq. ft..
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 jumped in RWC to $1,953,517
Last week 16 new homes were listed over one million dollars. The means 89% of the homes listed last week for sale were listed for over $1M!
In San Mateo County
…the median Single-Family home cost $1,472,500 and sold in 13 days for 104% of the list price based on 304 sales in September 2019.
- Inventory was up 30% from August, but remained the same as September 2018 with 686 homes available, compared to 686 homes last year.
- Average days on market (DOM) decreased -5 days from 3325 to 28 or -15%; median DOM lost -1 day from the month before.
- Number of new listings for the month of September increased 45% over August, but down -6% from September of last year.
Closed sales were off -11% from August from 341 to 304 and down -3% from September 2018.
Happy Veterans Day
Tags: friday market update, Real Estate, sell my house, sfbayhomes