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Market Trends Redwood City real estate September 6, 2013

Redwood City real estate continues to show as a good investment for both the homeowner and the home buyer. Best of all Redwood City is a wonderful place to live.

Market Trends Redwood City real estate for September 6, 2013

Labor Day had an impact on the trends in Redwood City real estate market this past week. Inventories dropped for the four weeks in a row. We should see that change as school is back in session and sellers are ready to sell their homes. The ASP also dropped under the 1M mark but barely. Surprisingly, the cost per sq. feet rose and got over the $600 barrier. I think the last quarter is going to be fast a furious because predictions for 2014 are showing sign of a strong market and higher prices.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 14.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow were 21 homes. Closed escrows homes number was 22.

Market Trends Redwood City real estate September 6, 2013

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The sale price to list price ratio (SP:LP), was down 0.5% over last week’s to 104.2%. This still is a strong market and committed buyers vying for homes will continue to look for their dream homes in Redwood City. August 2013 ended at 104.7%, 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 29, a three week trend and twice what the summer market showed us.  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.

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The average price per square foot was up $46/sq.ft., reaching $643. It’s continuing  upwards over the $600 level since April. The price for last week was $597. FYI: 2013 sq. ft. prices were: August: $597, July: $611, June; $607, May; $611, April; $558, March; $599, February; $571, January; $565.00. 2012 ended at $455.00.

Redwood City real estate continues to show a good investment for both the homeowner and the home buyer. Best of all Redwood City is a wonderful place to live.

This statistical information is from the Multiple Listing Service (MLS) subscription service.

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