3rd Quarter Market Trends Redwood City real estate

3rd Quarter Market Trends Redwood City real estate

The third quarter is over and residential real estate in Redwood City, CA has held its own. All quarter we have seen new homes brought on the market for sale on the average of 10 – 20 per week. Realtors have sold on average 8-10 per week and 9-12 of homes sold had removed their contingencies and were ready to close escrow on a weekly basis too. What really pushed the Seller’s Market over the top were the 13-16 homes that closed escrow with new property owners.

This created for home buyers and their agents a market with inventory for them to choose only between 1.5-2.4 months’ worth. And when they found the home suitable for them to purchase they paid on average 104% of the list price for their homes.

Homes took about 26 days to sell once the Realtor brought the homes on the market. I think this is because the agent wanted full exposure through open houses and broker tour to maximize the seller’s profit.

Luxury Redwood City CA homes were responsible for steady price of over $600 per square foot all quarter. Likewise these homes kept the average selling price just over the $1 Million mark. If you include condos and townhouses in the calculations the average selling price was on down slightly to $980K

I don’t expect to see things change in the near future. The Wall Street Journal is had an article a week ago indicating they expect this trend in SF Bay Homes to continue for the next 3-5 years. I tend to agree based on what I see.

Last week I wrote an article based on a graph I found and with some research that addresses why waiting to buy or refinance a home is not prudent. You may want to read it here: http://sfbayhomes.com/cost-waiting/

In a nutshell; if you are looking to buy a home, how is the time. If you want to refinance your home, now is the time. If you are set with a 3% loan and own a home that suits your needs, then stay where you are and smile. You did very well for yourself.