Market Trends Redwood City real estate July 7, 2013

July is only 5 days old but it looks like Redwood City real estate is continuing like it has all year. Homes sell faster, inventories keep dropping, and homes sell over asking price, however not as much during the past 2 months. Months of inventories dropped to 2.5 months in June, which is the lowest figure all year! The price per square foot is still above the $600 mark and the average sale prices keep the 7 figure price tag intact.

The average selling price (ASP) for homes sold has stayed steady hovering around the $1.050M since the end of March. Last week we saw the ASP slightly up to a level of $1,096,667.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 12.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow were 14 homes. Closed escrows homes number was 14. I think the lower number from the norm may be blamed on the holiday. I hope you all enjoyed your 4th of July.

Market Trends Redwood City real estate July, 2013

The sale price to list price ratio (SP:LP), was down to 103.5%. This figure has dropped for the past two months, which I think is a good sign for home buyers as it means prices are stabilizing. 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 14. 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 looks like it has broken through the $600 ceiling and doesn’t show sign of letting up. The price for last week was $670, which is a bit unusual but the short week and holiday is the culprit for this high number. 2013 sq. ft. prices were: May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00.

Home buyers are always looking for value when buying, including those homes in great condition. Sellers on the other hand want the highest price, in the shortest period of time, with face the least amount of hurdles. The market indicates these demands from home buyers and sellers are being met because of the strong number of homes selling every week.

Market Trends Redwood City real estate July 7, 2013

Want to do your own research?  You can go to this website and find homes which may be available to you. If you want to see what available in any city, fill out the “quick search” box along with your criteria and it will tell you what you want to know. Be aware the “default” for the quick search box is Redwood City so you will need to change the setting for each city you want information on.

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!

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

Please leave comments below. Thank you