Market Trends in Redwood City Real Estate May 3, 2013

Market Trends Redwood City real estate May 3, 2013

Homebuyers the market has doubled the number of new homes, lower prices paid, and 50% less days to sales. We are seeing more homes coming on the market (+18) for sale, higher selling prices to list prices (almost 3%), and spiking higher costs per square foot (+$137/sq.ft.).

During the past 7 days in Redwood City market trends for real estate have continued to favor sellers in regards to LP:SP ratio. However, doubling of inventory of houses and lower average sale prices favor homebuyers.

Redwood City homes newly listed for sale; doubled to 33 over last week’s 15 homes. The housing months of inventory available for homebuyers was down by .7 month to 3.2 months of inventory. If new homes listed continue months of inventory will too in favor of homebuyers

The average selling price (ASP) for homes sold has stayed steady hovering around the $1.050M. $1,035,000 was last week’s ASP.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes stood at 35.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was 19, which was 2 less than last week. Closed escrows homes number was 14, which was 3 more than last week.

Worth noting is the sale price to list price ratio (SP:LP), jumped up again from last week’s high to 109.4%, this means you will pay more for a home than what its’ list price. April ended at 106.3%, March ended at 101.3%, 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%, Augusts’ ratio was 101.3%, July’s ratio that was 101.5; June’s was 101.6% and May’s 100.5%..

The average number of days for a home to sell in Redwood City dropped below yearly averages to 11. Last week’s number was 21 days. The beginning of 2013 started out with taking 56 days for a home to sell. Homes are selling quicker. If you see a home you like today, buy it because it may not be around for you to purchase tomorrow.

Last week the average price per square foot skyrocketed by $137/sq.ft. for a home to $695; this is up from last week’s $558. 2013 sq. ft. prices were: April; $558, March; $599, 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 this week in Redwood City, it slightly continues to favor home sellers thanks to the help of basic economy factors, supply and demand. As a homebuyer you can expect to spend more that you thought your new home would cost you. If you have not found an agent/broker to help you, it’s not too late. Statistics shows; the value of a real estate agent verse a person acting on their own the advantages to the homebuyer is having a real estate professional in their corner. Realtors, believe it or not, save you time and money in the long run.

If you are a seller expect to see a lot of activity on your home right away, including an offer probably over asking price very quickly. If you don’t have an offer that is acceptable to you then one of two things are happening…you are overpriced or the condition of your home is not what the current buying market is looking for in their new home.

Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy you can go to http://sfbayhomes and 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. You will be sent every new home matching your criteria when it comes on the market.

Want to reprint this post? You may do so, if you include the following credit line: Cliff Keith is a California real estate Broker, who has helped home buyers and sellers since 1976! Are you ready to save time and money when you purchase or sell real estate? Subscribe to Cliff’s free newsletter at http://www.sfbayhomes.com. #sfbayhomes.com

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

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