Market Trends Redwood City real estate March 1, 2013

            Market Trends Redwood City real estate March 1, 2013

The spring real estate market is starting off on a flat note and it doesn’t look like we are going to see any move up or down any time soon. All the numbers for Redwood City real estate have been flat for the past 7 days except for homes closing escrow and changing ownership. New Redwood City homes coming on the market for sale move up 2 to 14 from last week. The housing months of inventory available in Redwood City went down this week to 5.0 months. This is not favorable to home buyers because they will now have less to choose for their new home. I think you will see this continue in 2013. A ray of sunshine for home buyers is if the loan that re-forecast by banks may add to the banks meaning they will bring their burdensome assets on the market.

The average selling price for homes sold in Redwood City fell this past week down to $913K from the previous week price of $ 1.0M. Good for seller though because even with the reduced average selling price it is still about 6% over last year average price.

The total number of new listings, transaction falling through (TFT), and back on the market (BOM) homes stood at 18.  While the number of homes with pending sales, or had ones who had removed all their contingencies and were ready to close escrow stood at 14, which was slightly down from last week’s number of 12. Closed escrows homes number is 12, which was up by 3 from last week.

          Market Trends Redwood City real estate March 1, 2013

Worth noting is the sale price to list price ratio (SP:LP), jumped to 103.7%, which means you are going to pay more for a home than what it is listed for on the MLS. Please don’t fret as this number is static and can change from one week to the next. February’s ended at 101.3%. January ended at 99.8%, 2012’s highest ratio was 106.2%,November’s ratio was 103.8%, 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%..

Interestingly, the average number of days for a home to sell in Redwood City was 30 days last week it was 36 days. Homes are selling quicker than normal of late. The beginning of 2013 started out with taking 36 days for a home to sell.

Last week the average price per square foot for a home last week was $586 which is down from last week. 2013 sq. ft. price was: February; $571, January; $565.00. 2012 ended at $455.00; In November it was $501, 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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Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy go to my website, you can click the “Free MLS” orange button to the right and give the criteria of the home you would like to buy in the blank boxes.  I will arrange for your own Personal Organizer to send results when a new home matching your criteria comes on the market. You will have information every morning before you wake or 4:00 am, whichever is earlier.

You will become part of the Cliff Keith’s Insider’s Club when you sign up for your Personal Organizer. The Insider’s Club members will have information from time to time about homes that will be coming on the market for sale, days, weeks, even months before everyone else know about them. This is a huge advantage for you! It’s an added feature for those who want to have an early leg up on their competition.

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The information for the Market Trends Redwood City from data off the Multiple Listing Service (MLS) and #SFBayHomes.com.

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