Home Trends Redwood City real estate. Friday Market Update July 20, 2012
Home Trends Redwood City real estate. Friday Market Update July 20, 2012. In the last 7 days, Redwood City real estate has made drastic changes. More so than the changes so far this year. Continue to read to know what is changing in Redwood City real estate. Information is from the Multiple Listing Service: http://matrix.mlslistings.com/Matrix/Stats/Stats.aspx?c=AAEAAAD*****AQAAAAAAAAARAQAAAEoAAAAGAgAAAAQ0ODcwCgYDAAAAATENGQYEAAAABksTwrbCiw0tCw))
The sweet spot for homes purchased remain year to date, under $1,000,000, but barely as the average selling price jumped from $809K to $979K. This is higher than the $841K average sale price for last month.
The number of new homes brought on the market as a new listing, or transaction that had fallen out of escrow stood at 15, this is an increase from last week of 7. While the number of homes with pending sales, or had removed all their contingencies and were ready to close escrow was 23. Closed escrow homes were 14, which is down by 9 over last week. This means for every 6 homes taken off the market in Redwood City 4 homes replaced them for future homebuyers. It is substantially lower than previous weeks where this ratio was 4:1.
Some other figures worth noting are the months of inventories available to future home buyers. Currently it is 6.2 months, which is up from last month’s 2.8 months of inventory. This means there are more homes for Redwood City home buyers to choose from over last week. Interesting though months of inventories are almost 50% drop in the inventories over last year.
Worth noting is the sale price to list price ratio, which has steadily increased since the first of the year. Currently it is 101.8%, which is up from May ratio that was 100.5%, and up from last week’s 101.6%. This means even though there are more homes to choose from, Redwood City homebuyers are paying a higher price for the one that sale over past weeks during the year.
There are several reasons for so much activity in the Redwood City real estate market; 1.) Pricing of the homes, brought on the market, are more in line with their true values. More important the list prices seem more correct to the home buying segment, 2.) The lack of inventories of quality homes, from the home buyer prospective, has created more competition for homes desired by the current home buyer pool, 3.) Investors know prices are going to head up soon and are acquiring all they can under $400K. 4.) Interest rate are still very low.
Finally, the number of days for a home to sell has dropped all year when it started up around 96 days. Today that number of days to sell is at 23, which is down 12 days from last week. The average price per square foot buyers are willing to pay is up $28.00 per square foot at $513K, last week it was $481.00. This is a big jump as usually the square footage cost change only a few dollars at a time. In April that figure was $461.00, May’s was $475K, June’s was $479K
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