Health & Fitness
Market Trends: Redwood City, Nov. 16, 2012
Cliff Keith is a California real estate Broker, who has helped home buyers and sellers since 1976! Cliff raised his family, and served on several Redwood City commissions and committees. U.S. Veteran.
In the past seven days, Bay Area homes coming on the market for sale in Redwood City decreased in numbers to 13. This is four less than when we last reported the 17 new homes.
The housing inventory in Redwood City has steadily increased since July. Starting in October the housing inventory has increased sharply. This is good if you are a home buyer because now you have greater choice of homes to choose from.
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If you’re interested in knowing more about market trends for Redwood City homes this past week, please continue reading this post.
The information for "Market Trends: Redwood City Nov. 16, 2012" was compiled from the Multiple Listing Service (MLS) and #SFBayHomes.com.
Find out what's happening in Redwood City-Woodsidewith free, real-time updates from Patch.
The sweet spot for homes brought on the market for sale this week were all under $955,000 - or seven homes. There were three homes listed for sale over $1.89 million. This is unusual for Redwood City. There was a home priced at $2.699 million today. Higher-priced homes are starting to enter the Redwood City real estate market.
The average selling price for homes sold in Redwood City trended up this past week to $844,000 from the previous week's price of $749,000. We have seen average home prices, most of the year, however, following a downward trend since September in Redwood City.
The total number of new listings, and transactions that had fallen out of escrow was 14. While the number of homes with pending sales, or had removed all their contingencies and were ready to close escrow was 10, which is the same as last week. Closed escrow homes were 10, which also was the same as last week.
Important: worth noting is the months of inventories available to future home buyers. Currently is 9.8 months, which is sharply up from October’s figure of 4.0 months. This means there are more homes to choose from for Redwood City, CA home buyers. The annual figure has hovered around 2.5 months of inventory. The months of inventories has been steady all year, however - in October we have seen a sharp rise in the amount of homes available to Redwood City home buyers.
Worth noting is the sale price to list price ratio, which has steadily increased since the first of the year. We have seen two separate peaks during the year where the ratio were higher, with the last’s peak beating the earlier one in June. This week slipped a little from last week - 104.5% to 103.4%. October’s ratio was 101.5%, September’s ratio was 103.0%, August’s ratio was 101.3%, July’s ratio that was 101.5; June’s was 101.6% and May’s 100.5%..
Finally, the number of days for a home to sell in Redwood City is down this week to 22 days. Last week that figure was 33 days. The beginning of 2012 started out with taking 96 days for a home to sell. This number of days for a home to sell has been on a downward trend since September and only went up in July and August. I think you can blame this on people being on vacation and not active in the market of buying homes, though.
Last week the average price per square foot buyers were willing to pay was back up by $30.00 per square foot to $495.00! In October it was $515.00. In September that number was $549.00, April that number was $461.00, May’s was $475.00, June’s was $481.00, and July was $509.00, August it was $551.00.
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