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Market Trends Redwood City real estate
Last 7 days activity of homes in Redwood City data from MLS. Looks like a home buyer had a leg up last week.
Market Trends Redwood City real estate August 2, 2013
The last 7 days in real estate in Redwood City showed sharp movements. New listings were up 58%, homes sales were down 38%, and closed escrows were up 44%. Surprisingly, months of inventory went down 1.1 months, which is a big 7 day drop! Sales price ratio dropped too, by almost 10%, which is good for home buyers as they paid less last week for their homes over the previous week. Interestingly though was that the days for a home to sale was down 68% or 13 days. For the first time since April the cost per square foot dropped under the $600 mark. And, we have seen 3 out of the last 4 weeks of the Average selling price to be UNDER the $1M mark.
The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 17. While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow were 17 homes. Closed escrows homes number was 23.
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Market Trends Redwood City real estate August 2, 2013
The sale price to list price ratio (SP:LP), was down to 94.5%. This indicates a stronger market for home buyers in Redwood City. June 2013 ended at 105.8%, May 2013 ended at 107.5%, April ended at 106.3%, March ended at 101.3%, and February’s ended at 101.3%. January ended at 99.8%, 2012’s highest ratio was 106.2%,
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The average number of days for a home to sell in Redwood City was 13. As a side note the lowest 7 days in 2013 was 11 days during April 26-May 3. The beginning of 2013 started out with taking 56 days for a home to sell.
The future trend for the average price per square foot dropped over $100/sq.ft. over the $600 ceiling and may be a start to a new trend. The price for last week was $504, down substantially from last week. FYI: 2013 sq. ft. prices were: June; $607, May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00.
This statistical information is from the Multiple Listing Service (MLS) subscription service.
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