Redwood City Real Estate, Friday, March 30, 2012
The past 7 days in Redwood City real estate has painted a picture of a typical Spring market. That is one where buyers are out in the market place in droves seeking their American dream of home ownership. It is not uncommon to see 60 groups of people attend a Sunday open house.
This past week in Redwood City there were 17 new homes available to home buyers. The Redwood City housing inventory saw a drop of 56 homes for home buyers to choose from. This means for every new home being made available to a buyer to choose from, 3.29 houses became unavailable to the home buyer.
We did see an increase in home prices dropping for only the second time this year. Sellers who homes are not selling have now decided they need to price their homes correctly to attract the smart home buyers who are now in the market place.
The numbers for how long it take a home to sale is slightly up but has stayed all year in the 52-71 days. This week it sits at 65. The sale volume has increased steadily all year. Currently it’s up $15,000,000 since the first of the year. It’s worth noting Emerald Hills is the leading force for this trend.
The sweet spots for homebuyers in Redwood City are 1st;$600-$800K, 2nd;$400-$600K, and 3rd; $800,000-$1,000,000. They are willing to pay on average around $750,000 and cost by square footage right around $450.
What do these numbers mean? How would they affect you as a home seller and a home buyer? My opinion is we are looking at a market with lower supply and higher demands. The average sale price is on the upswing and the days on the market are on a downward motion. The number of people I am seeing on open houses are up and some of those people are sellers trying to get a feel for the true value of their homes. This is a healthy condition as you see sellers bringing their home in line to their true value all the while buyers are starting to pull the trigger and give offers on their new homes. It is what I would call a market of equilibrium. This is good for Redwood City real estate.
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