Redwood City, CA: In the past 7 days, new bay area homes market trends in Redwood City real estate increased the number of new homes added to the MLS to; 17. This is 5 more than last we reported, which was 12 new homes. November 2012 has seen an increase of inventories. This is good for current home buyers and spurred on with historical low interest rates.
If you wish to know more about the market trends for Redwood City, CA real estate, this past week, please continue reading this post. The information for Market Trends Redwood City real estate November 9, 2012 is compiled from data from the Multiple Listing Service (MLS) and #SFBayHomes.com.
The sweet spot for homes brought on the market for sale this week were all under $1.0M or 14 homes. There were 3 homes that were listed for sale just over $1.0M.
The average selling price for homes sold in Redwood City trended down to $749,000 from the previous week price of $946,000. I think such a sharp drop in Average Selling Price of homes is due to the “fixer-uppers” that flooded the market in October, which finally closed escrow simultaneously in the same week.
The total number of new listings, and transactions that have fallen out of escrow was 19 this week. While the number of homes with pending sales, or had removed all their contingencies and were ready to close escrow was 10 which is down by 8 home from our last report. Closed escrows homes stood at 10, down 6 from our last report. This means 44% of the homes removed from the market were replaced. That is still a very strong “seller’s market” by anyone definition.
Important: worth noting is the months of inventories available to future home buyers. Currently is 20.8 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.
Worth noting is the sale price to list price ratio, which has steadily increased since the first of the year was also sharply UP this week to 104.5%. 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%. This means there are less homes to choose from, Redwood City home buyers are now offering a higher prices for homes. That is 4.5% above what the Seller is asking for their homes. People still want the house of their choice and are willing to pay over asking price if faced with a multiple offer situation.
Finally, the number of days for a home to sell in Redwood City is down this week to 33 days. The beginning of 2012 started out with taking 96 days for a home to sell.
Last week the average price per square foot buyers were willing to pay was down big time by $50.00 per square foot to $465.00! 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.
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