Redwood City Friday Market Update for April 27, 2012
For the past 7 days Redwood City has seen a robust spring real estate market. The sweet spot for homes purchased are under $1,000,000 with those homes priced $600,000 – $800,000 being the ones in most favor. The average sale price in April 2012 is $784K. This is 13% higher than what the average selling price was in January.
The several new homes brought on the market as a new listing, or transaction that had fallen out of escrow stood at 18, while the homes who had pending sales, or had removed all their contingencies and were ready to close escrow was 26. The homes removed from home buyers were 18 homes and showed as closed escrow. This means 59% of the real estate market in Redwood City was of homes being taken off the market compared to the 41% of the homes made available to future homebuyers.
Some other figures worth noting are the months of inventories available to future home buyers. Currently is sits at 2.5 months. That is an almost 50% drop in inventory over the past year. This means the selections of homes are getting slimmer and slimmer.
More interesting is the sell price to list price ratio, which has steadily increased since the first of the year. Currently it is 99.1%. To show what this looks like, let’s take the current average sales price of $784K and multiple it times the current SP:LP ratio and the figure is about $777K. Sellers are receiving acceptable offers closer to their asking prices.
There are several reasons for this; pricing of the homes, brought on the market, are more in line with the values perceived as correct, by the home buying segment, the lack of inventories has created more competition for each home, and the home buying season is upon us.
Finally, the number of days for a home to sell has dropped steadily all year. It started January around 96 days. Today that number of days to sell is at 58. The average price per square foot buyers are willing to pay sits at $465 per square foot.
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