Market Trends Redwood City real estate June 14, 2013

Market Trends Redwood City real estate June 14, 2013

So far the month of June, in regards to Redwood City real estate, continues to perform like it has throughout 2013. Homes have sold faster than they have been replaced. Last week we saw 18 new homes and 52 homes removed from the market. Months of inventories continue in a steady down trend along with the number of days it takes a home to sell. The price per square foot is still above the $600 mark. The average sale price of a home stays above the one million dollar mark.

Redwood City homes newly listed for sale; stay the same as last week number of 18. Housing’s months of inventory for home buyers continues to trend down. There has been a steady increase of inventories since the middle of March 2013, however that trends is steady going down, which means there are fewer homes to choose from for home buyers in Redwood City.

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 go down to a level of $1,027,909.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes dipped to 18.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow jumped by 30% to 31 homes. Closed escrows homes number was 21, which was the same as last week. What is interesting is there were NO short sales and only 1 REO’s brought to the market. Redwood City has only seen 2 REO and zero short sales in the past 30 days. This will not last because there is a huge source of homes being held by the banks and they are not releasing them to the market, which will provide them with a higher profit margin.

Market Trends Redwood City real estate June 14, 2013

The sale price to list price ratio (SP:LP), was up from last week’s to 105.1%. 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 15 up by 3 days from last week’s 12. 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. Homes are still selling quickly. Advice: If you see a home you like today, buy it! If you don’t tomorrow may be too late.

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 going under it. The price for last week was $615 down $25.00. 2013 sq. ft. prices were: May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00.

Home buyers are looking for value when buying, including a home in good condition. Sellers on the other hand want the highest price, in the shortest time, with the least hurdles. It looks like these needs are being met because home buyers and sellers are agreeing on price and terms, and homes are being sold.

Market Trends Redwood City real estate June 14, 2013

Available to you: Free lists of homes from the MLS. Go Here to see are the homes currently on the market for sale in Redwood City. If you want to see what available in other cities, fill out the “quick search” box 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! 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).

Please leave comments below. Click thumbs up to please. Thank you.