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Market Trends Redwood City real estate

Vacation is still making the real estate market slower in all the areas of Redwood City real estate. Inventories dropped by almost 100% last, which showed how last week was just an anomaly and not a trend.

Market Trends Redwood City real estate August 16, 2013

Vacation is still making the real estate market slower in all the areas of Redwood City real estate. Inventories dropped by almost 100% last, which showed how last week was just an anomaly and not a trend. New listings continued their downward trend, while homes dropped in homes selling and homes that closed escrow. The ASP dropped, but stayed over the $1M level. 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.

The total number of new listings, including transaction falling through (TFT), and back on the market (BOM) homes was 15.  While the number of homes with pending sales, or ones who had removed all their contingencies and were ready to close escrow were 20 homes. Closed escrows homes number was 13.

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Market Trends Redwood City real estate August 16, 2013

The sale price to list price ratio (SP:LP), was up over last week’s to 105.4%. This indicates a stronger market and committed buyers vying for homes from 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%,

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The average number of days for a home to sell in Redwood City was 24, which is a third less 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 average price per square foot was up $27/sq.ft., but still under the $600 ceiling. It’s heading up over the $600 level it has maintain since April. The price for last week was $554. 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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