July 8, 2016 The current Redwood City true story of its dollar value of homes for the Past 7-Day is provided by Cliff Keith. Data used is from the local Multiple Listing Service, MLSListings. Data parameters are for single family homes based on Year to Date, (YTD) figures.
Weekly Market Update for Redwood City: July 8, 2016
Key: Trending down: ↓, Trending up ↑, No change: ±
↓ 10 new homes brought on the market for sale
↓ 27 homes went under contract as pending sales
↓ 13 homes closed escrow and now have new homeowners
↑ 20 Average days on market (DOM)
↑ 7.3 Months of inventory available
↑ $874.00 Cost per square foot for sold homes
↑ 9.7% Above asking price was average sale price (LP: SP)
↑ $1.601,944 Average Sale Price of a home in Redwood City
Cliff’s Viewpoint:
I have been hearing of late how bad the real estate market is getting and how the “bubble” is near. Though in some locations that may be true, in Redwood City however, I’m seeing a different story. Data shows a strong market. The trend that has got my interest is the number of price reductions in dollars of homes. Obviously, home-buyers today are being a bit more cautious and slower to making an offer on a home. Homeowner’s on the other hand are beginning to see the crazy wacko prices they got in March do not apply to what is going on in today’s Redwood City real estate market.
My viewpoint is looking at the what the market was doing in 2011, which was the start of this current upswing, and compared it to what has transpired over the last seven days. This is for all 5 trends used in this blog post.
- The average days to sell started the cycle at 69 days. Last week in Redwood City it was 20. The YTD average is 29.33 days, which stills shows a strong market.
- The months of inventory in January of 2011 was 7.0 months. Last week in Redwood City it was 7.3 months showing higher inventory but normal for the first week of the month. Starting the upswing movement in 2011 had more than 7-times the homes to choose compared to the past week.
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Still it costs home-buyers more money!
- One of the more important trends people seem to be looking at today is the price per square foot In 2011 the cost was $382.00. Last week it came in up at $874 it has been over $800/sq ft. all of 2016 This means home buyers are paying 55% more a home today than in the beginning of this cycle.
- The list price vs. sale price of a home has been a number usually under 100%. In 2011 it started the year off at 96.6%, which mean homes sold for 3.4% LESS than list price. Today homes are selling in Redwood City 9.7% on average OVER the list price. Again, a 8.4% increase.
- The fun trend to watch by homeowners is the average sale price (ASP) of homes. In 2011 the ASP was $603,562. Last week in Redwood City the ASP was $1,601,944. The ASP has been on a downward trend since it high in March of $1,537,325 however, last week broke that mold. Most of 2016 has hovered between $1.2 and $1.4M.
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