Real Estate Market Trends – December 13, 2019
What should you offer on a home you want to purchase? This post gives you the results for the Past 7-Days for Redwood City.. This proprietary information is provided by Cliff Keith, of SF Bay Homes with data from the local Multiple Listing Service, (MLS) MLSListings. The criteria use for these numbers is based on Year to Date, (YTD) figures.
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.
What are the real number this week?
Market Update: Redwood City, CA Real Estate: December 13, 2019
↓ 06 new homes brought on the market for sale
↓ 04 homes went under contract as pending sales
↑ 12 homes closed escrow and now have new homeowners
↑ 33 Average days on market
↓ 3.4 Months of inventory available
↑ $ 936.00 Per square foot for sold homes
↓ 0.2% Above asking price was average selling price
↓ $1,995,375 Average Sale Price of a home in Redwood City
Cliff’s Viewpoint:
Seller’s Market
Redwood City CA: During this time of year…Thanksgiving through Super Bowl Sunday we see a 40% – 60% decrease in real estate activity. This trend has continued for 2019. The only increase is the Average Sale Price which is the highest of the year, $ 1,995,375.
We are seeing also seeing a reduction of home offer for public viewing on Sunday Open Houses. One good trend for homebuyers is 34% of homes brought on the market for sale last week were under $1M thresh-hold.
The raw numbers
New listings (6 homes) came on the market for sale. Still low inventories, (96 homes: 68 Active and 28 Pending), which is even more favorable for home sellers. Costs per square foot has remained stable for the past 12 months. The benchmark of around $1000/sq.ft. has been consistent for all of 2018/9. Last week it was $936/ sq. ft..
Home Prices for Redwood City new homes remained above the $1.7 M level. Homes have been closing in the price range of $1.6- $1.8 for 2017 and 2018. Last week the Average Sale Price jumped in RWC to $1,995,375
Last week 4 new homes of 6 homes were listed over one million dollars. The means 66% of the homes listed last week for sale were listed for over $1M!
Basic Real Estate Truism:
Question: When is the perfect time to purchase your home?
Answer: Today is the correct answer! If you said yesterday you were correct, however, too bad those prices are gone. I don’t see any let up on the current strong demand for homes either. I believe this trend will continue to be supported of upward, at least for the rest of 2018.
Open Houses stay alert.
When you go to a Sunday Open Houses in Silicon Valley you will see Redwood City real estate agents, and many home buyers looking at the homes along with you. The home buyers from the tech industry like Oracle, Electronic Arts, Google, Facebook, Intel, Box, LinkedIn, Instagram, and Buffer are out in full force, along with the bio-tech home-buyers from companies like; V Biosciences, Abbott Vascular, AbGenomics, and Genotech ready to place offers on their new homes. And, they all seem to have large sums of discretionary income to spend too.
As you can see the real estate market in Redwood City is still very strong and homes are selling faster and receiving higher priced offers.
What is the “get-around”?
If you are looking to purchase a home in San Mateo or Santa Clara counties Cliff Keith and Team have many homes for you to choose from.
Some of these homes are not in the MLS and some are in MLS. The point being if you are trying to buy or sell a home we would love to help you find that perfect home. Especially, if you have not found a home and have been looking for one over 3 months.
Here’s a Home Security Checklist for everyone to make their home safer whether you are a homeowner or a renter.
What to Do Next?
To find your new home all you need to do is an easy 3-Step Process.
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- Pick up your cell phone,
- Look up my number (650-346-7366),
- Call me immediately.
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When you do call, we will discuss the best way we can meet so you can get the best information you need that will help you locate and purchase your new home as quickly as possible and receive the highest value possible at an amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.
We may also discuss with you the idea of looking at a duplex for sale in Redwood City as a suitable alternative.
#realestate #sfbayhomes #sellmyhouse #markettrendsforhomes
