Market Trends – Redwood City, CA Real Estate – January 10, 2020

Below are the real estate trends for SF Bay Homes. The trend numbers are from the local Multiple Listing Service (MLS). The real estate trends are for Redwood City,CA. You can adjust the numbers accordingly to accommodate your own community. It’s simple, however, if you find it difficult you can call/text/email me. I would be more than happy to assist you.

For the past several years the real estate trends have favored home sellers. There doesn’t seem to be any let-up on this trend for the rest of the year. And, continue through most of 2020. The good news for home buyers is that rates on loan for home buyers have stayed the lowest in decades and should continue down for the rest of 2019 and throughout 2020.

Shifting Trends

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 still favor Sellers. The Sale Price vs List Price ratio is up. Last week it was 10.7%! The months of inventory available for homes continues to be as it usually is during the Holidays. Which translate to more homes for buyers to choose from. 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 home inventory remains almost nil. If you’re a home buyer NOW is the time to beat the Spring rush and more competition. You’ve got until Super Bowl Sunday before the rush.

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.

Current Trends:

Market Trends – Redwood City, CA Real Estate – January 10, 2020

↑ 06 new homes brought on the market for sale
↑ 04 homes went under contract as pending sales
± 04 homes closed escrow and now have new homeowners
↓ 20 Average days on market
↓ 10.7 Months of inventory available
↓↓ $ 1304.00 Per square foot for sold homes
↓ 13.8% Above asking price was average selling price
↑ $1,471,667 Average Sale Price of a home in Redwood City

Where does this information come from?

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 real estate trend numbers are for the past seven days for single family housing in Redwood City, CA. You will note each trend is  keyed to compare this week trends against the previous week. It is designated with either an up or down arrow. Additionally, you will see a ± symbol. This denotes numbers that were unchanged week over week.

The raw numbers…

New listings (06 homes) came on the market for sale. Still low inventories, (64 homes: 40 Active and 24 Pending), which is even more favorable for home sellers. Costs per square foot has remained stable for the past year. The benchmark of $1000/sq.ft.remained 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 $1,757,304 for 2019. Last week the Average Sale Price in RWC was $1,471,667 which is low only because of the Holidays and lack of activity.

Last week 6 new homes were listed over one million dollars. The means 82.5% of the homes listed last week for sale were listed for over $1M! In Redwood City there are 7 homes (17.5%) for sale under $1M!

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.)  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 one of many suitable alternatives.

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