Real Estate Market Update – November 16, 2019
MLS’s numbers are for the past seven days for housing in Redwood City, CA. They are keyed how they compare to the previous weeks with an up or down arrow. The ± symbol is for numbers that were unchanged week over week.
Real Estate Market Update – November 16, 2019
↓ 05 new homes brought on the market for sale
↑ 14 homes went under contract as pending sales
↑ 11 homes closed escrow and now have new homeowners
± 23 Average days on market
↓ 2.5 Months of inventory available
↑ $ 1038.00 Per square foot for sold homes
↓ 2.5% Above asking price was average selling price
↑ $1,619,442 Average Sale Price of a home in Redwood City
Cliff’s Viewpoint:
Seller’s Market
Redwood City CA: is seeing softening of the list price for homes. And the length of time on the market for homes to sell is moving down. These trends still favor home sellers. The Sale Price vs List Price ratio is down from 2018 and is hovering in 2.1% – 3.0%. Last week it mirrored previous months at 2.5% The months of inventory available for homes continues to be less than 2.4 months. Which translate to more scarcity of homes buyers can choose.
The number of new homes brought on the market for sale was 5 while those homes that sold numbers was 14. The growth of new homes is almost nil. For most of 2019 the average sale price (ASP) of home continued to be around $1.8M, however, for the past 60 days we are seeing an ASP between $1.4M – $1.6M. This demonstrates the caution home buyers are showing in their offers. This is also the time of year when activity slows down and remains so until after the Super Bowl. Especially, if the 49ers are in the Super Bowl.
Do you talk with others?
When you are in a conversation with a friend, neighbor, work associate, or your loved ones and they mentioned they are thinking about selling their home would you please tell them about me and my team? Tell them about our 44 years being a Realtor in San Mateo and Santa Clara Counties. They will thank you for years to come for having their best interests at heart.
Forty four (44) years of experience helps in many areas, i.e. market place including all the nooks and crannies not know by most agents, negotiation skill which brings the best results for all, and knowledge of the paperwork to make sure they receive the best deal possible.
What to do next?
When you call we will discuss what the best way it would be for a friend, neighbor, work associate, or your loved ones and I to get into a conversation about what is their needs in real estate. I will listen to what they have to say and I will be able to tell them if I can help them or not right when we talk. If I can’t help them I will tell them immediately and explain why I can’t help. If they need to change something I can’t control I will try to refer them to someone who could help them.
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