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Health & Fitness

Market Trends Redwood City real estate August 9, 2013

Everyone is on vacation because most areas of Redwood City real estate are down. The good thing is, inventories went up 7-times last week because of the lack of activity.

Market Trends Redwood City real estate August 9, 2013

Everyone is on vacation because most areas of Redwood City real estate are down. The good thing is, inventories went up 7-times last week because of the lack of activity. We saw new listings down, home prices adjusted lower, homes falling out of escrow and coming back on the market for sale (the highest number all year), pending sales down 12%, closed escrows down 65%, yet the average selling price of homes jumped up over $1M!

I don’t expect this to continue because I believe this is a normal slow down due to summer vacations and people trying to get their last trip in before the kids return to school. In other words this is an anomaly in my opinion.

Find out what's happening in Redwood City-Woodsidewith free, real-time updates from Patch.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 19.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow were 15 homes. Closed escrows homes number was 15.

Market Trends Redwood City real estate August 9, 2013

Find out what's happening in Redwood City-Woodsidewith free, real-time updates from Patch.

The sale price to list price ratio (SP:LP), was up over last week’s low of 94.5%  to 104.2%. This indicates a stronger market for home sellers in Redwood City. July 2013 ended at 104.9%, 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%,

The average number of days for a home to sell in Redwood City was 36, which is 2.76 times over last week. 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 up $50/sq.ft., but still under the $600 ceiling and we may see a new trend. The price for last week was $504. 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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