Market Trends Redwood City real estate June 7, 2013

This past week in Redwood City real estate we saw the market trends once again perform like it has most of 2013. We had more homes “taken” off the market than were “brought” on the market for sale. 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 has broken the $600 mark and appears to like it there. The average sale price of a home continues to hold above the one million dollar mark.

Redwood City homes newly listed for sale; stay the same as last week number of 19. Housing’s months of inventory for home buyers was down to 2.6. 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 $1,060,953.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes remained at 21.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow was identical to last week’s 22 homes. Closed escrows homes number was 21, which was 2 more over last week. What is interesting is there were NO short sales and only 1 REO’s brought to the market. It seem that segment of the market has hit a wall. This is because home prices have gone higher, and home sellers can now sell their homes and pay off their loans without asking for help of their lenders.

Market Trends Redwood City real estate June 7, 2013

The sale price to list price ratio (SP:LP), was down from last week’s to 102.6%. Last year May saw a SP:LP at only 100.5%. 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%, November’s ratio was 103.8%, October’s ratio was 101.5%, September’s ratio was 103.0%, Augusts’ ratio was 101.3%, July’s ratio that was 101.5; June’s was 101.6% and May’s 100.5%..

The average number of days for a home to sell in Redwood City was 12 down by 5 days from last week’s 17. The lowest 7 days so far this year was 11 days on May 3rd.. 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 can because 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 will only continue to climb. The price for last week was $640 up $29.00. 2013 sq. ft. prices were: May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00; In November it was $501, 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.

As always, home buyers look for value in their home purchase including a home in good condition. Sellers on the other hand want the highest price, in the shortest time, with the least hurdles. The age-old axiom of Location, Location, and Location still is running strong in today’s Redwood City real estate market trends. It still looks like home buyers and sellers are agreeing on price and terms, and homes are selling.

Market Trends Redwood City real estate June 7, 2013

Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy you can go to http://sfbayhomes and click the “Free MLS” orange button to the right and give the criteria of the home you would like to buy in the blank boxes. You will be sent every new home matching your criteria when it comes on the market.

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

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