Home Trends for Redwood City real estate. Friday Market Update for June 29, 2012
In the last 7 days, Redwood City real estate continued as a strong market. The sweet spot for homes purchased remain year to date, under $1,000,000, with those homes priced $700,000 – $800,000 being the ones in most favor. The average sale price for this month is $841K. This is higher than the $833K average sale price for last week.
The number of new homes brought on the market as a new listing, or transaction that had fallen out of escrow stood at 19, this is an increase from last week of 18. While the number of homes with pending sales, or had removed all their contingencies and were ready to close escrow was 21. Closed escrow homes were 23, which is up by 11 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 higher than previous weeks where this ratio was 1:1.
Some other figures worth noting are the months of inventories available to future home buyers. Currently it is 2.8 months, which is up from last month’s 2.7 months of inventory. Interesting though this is almost 50% drop in inventory over the past year.
Worth noting is the sale price to list price ratio, which has steadily increased since the first of the year. Currently it is 101.6%, which is up from May ratio that was 100.5%, and up from last week’s 100.6%. We are seeing multiple offers with over asking price offers. Homes are selling for more that their asking price in some cases.
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 are correct to the home buying segment, 2.) The lack of inventories has created more competition for each home, 3.) Investors know prices are going to head up soon and are acquiring all they can under $400K.
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 39, which is up two days from last week. The average price per square foot buyers are willing to pay is up $2.00 per square foot at $481.00. In April that figure was $461.00, May’s was $475K..
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