Market Trends Redwood City real estate March 29, 2013

          Market Trends Redwood City real estate March 29, 2013

The Redwood City real estate trends have continued to favor sellers for the past 7 days, and it doesn’t look like that will change. The real estate trend numbers for Redwood City has stayed steady all year.

Redwood City homes, which were currently listed on the market for sale, move down 6 to 7 from last week. The housing months of inventory available in Redwood City went down by 3.0 months to 4.3 months of inventory. This is not a good sign for home buyers. Smaller number of homes added to the inventory means fewer selections and higher prices. This trend will continue throughout 2013. A little ray of sunshine for home buyers, however, is mortgage rates still remain low but last week we saw them start to creep back up. This could be a problem for home buyers in the future.

The average selling price (ASP) for homes sold in Redwood City were the highest they have been all year reaching $998K last week’s. This week the ASP price only went down $6.00. This is good if you are selling your home but the high ASP along with upward interest rates just causes home buyers to be pushed out of the market.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 10.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow stood at 21, which was slightly up from last week’s number of 18. Closed escrows homes number is 14, which is doubled from last week.

Market Trends Redwood City real estate March 29, 2013

Worth noting is the sale price to list price ratio (SP:LP), jumped to 103.2%, which means you will probably pay more for a home than what it is listed for on the MLS. 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%..

Once again, the average number of days for a home to sell in Redwood City mirrored the majority of 2013 around 30 days. Last week number was 30 days this week it was 32 days. Homes are selling quickly and for higher prices. The beginning of 2013 started out with taking 56 days for a home to sell.

Last week the average price per square foot for a home last week was $599, which is the same for a second week in a row. 2013 sq. ft. prices were: 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.

As I see the real estate market in Redwood City is like most of San Mateo County…fast and furious. If you have not found an agent/broker to help you it’s not too late but you will now pay more on all levels. If you are a seller expect to see a lot of activity on your home right away including an offer probably over asking price. If you don’t one of two things are happening…you are overpriced or the condition of your home is not what the current buyers are looking to buy.

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This information for Redwood City is from data from the Multiple Listing Service (MLS).

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