Weekly Real Estate Trends
Redwood City real estate trends for the Past 7-Days, provided by Cliff Keith. Data used is from the local Multiple Listing Service (MLS), MLSListings. Furthermore, data parameters are for Single Family Homes only (SFH), and based on Year-to-Date figures, (YTD).
Trends
Weekly Market Update for Redwood City: March 16 2017
Key: Trending down: ↓, Trending up ↑, No change: ±
↓ 8 new homes brought on the market for sale
↑ 20 homes went under contract as pending sales
↑ 14 homes closed escrow and now have new homeowners
± 13 Average days on market (DOM)
↓ 1.4 Months of inventory available
↑ $944.00 Cost per square foot for sold homes
↑ 8.6% Above asking price was average sale price (LP: SP)
↓ $1.633,974 Average Sale Price of a home in Redwood City
Cliff’s Viewpoint:
Yes siree, ..It’s NOT a housing BUBBLE! It’s just expensive homes. Lately I have heard how home buyers think there’s a soft real estate market. Additionally, how the “bubble” is just around the corner causing home prices to head towards a deep decline!
In some places around the State of California or across the USA this may be true, in Redwood City the local MLS facts I’m seeing is painting a completely different picture. It is showing a strong market. Price reductions have stayed need zero. However, home prices continue to go up, and inventories are staying low. For example, last week 8 new homes came on the market for sale (the lowest since Feb 17th). 20 homes went under contract (sold). 14 homes closed escrow and new homeowners moved in. In simple terms: 8 homes available and 34 homes were removed from the market. Additionally, there is an underlining factor for the $1,633,974 average selling price for homes. BAD NEWS: 25% of the new homes brought onto the market were priced under $1,00,000.
It’s still a good time for buying and selling homes because as Will Rogers once said, They’re not making dirt anymore, which support Econ-101 Law: Low Supply-High Demand equals More money/higher cost. We just need to start thinking of ways to provide housing that satisfy the “Demand side” that is out-pacing the current “Supply side”. I am confident this will come to be with the passing of time.
What to Do Next?
To find your new home all you need to do is this easy 3-Step Process.
-
call me 650-346-7366 1. Pick up your cell phone,
2. Look up my number (650-346-7366),
3. Call me immediately.
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, for the amount of money you want to spend. Do it now. It’ll be the smartest decision you’ll ever make.
Source: https://www.sfbayhomes.com (Regularly updated with future trends.)
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Email: cliff@sfbayhomes.com
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