Market Trends: Redwood City Real Estate Nov. 30, 2012

Market Trends: Redwood City Real Estate Nov. 30, 2012

During the past 14 days, Thanksgiving was celebrated by most future homebuyers. There wasn’t much activity, so this edition of "Market Trends: Redwood City Real Estate" includes two weeks of data.

In the past seven days, Bay Area homes coming on the market for sale in Redwood City decreased in numbers to 10. This is three less than last we reported of 13 new homes.

The housing inventory in Redwood City has steadily increased since reaching its lows in mid-July. At the end of September, the housing inventory increased sharply and has continued. This is good if you are a homebuyer because you have more of a selection of homes to choose from today.

If you’re interested in knowing more about market trends for Redwood City, California homes, this past week, please continue reading this post. The information for "Market Trends: Redwood City Nov. 30, 2012" is compiled from data from the Multiple Listing Service (MLS) and #SFBayHomes.com.

The sweet spot for homes brought on the market for sale this week were all under $800,000, or six homes. There were five homes that were listed for sale for over $1 million. The other two homes were $889,000 and $987,000.

The average selling price for homes sold in Redwood City trended up this past week to $923,000, from the previous week's price of $844,000. The average sale price of homes in Redwood City has followed a downward trend since September, though.

The total number of new listings, and transactions that had fallen out of escrow, was 10.  While the number of homes with pending sales - or, had removed all their contingencies and were ready to close escrow - was 11, which is up one house since last week. Closed escrows homes were 11, which also was the up one from last week.  

Important: Worth noting is the months of inventories available to future homebuyers. Currently that is 4.7 months, which is slightly up from October’s figure of 4.0 months.  This means there are more homes to choose from for Redwood City homebuyers. The annual figure has hovered around 2.5 months of inventory. The months of inventories has been steady all year, however - in mid-July we saw a sharp rise in the amount of homes available to Redwood City homebuyers.

Worth noting is the sale price to list price ratio, which has steadily increased since the low at the end of September. We have seen two separate peaks during the year where the ratio was higher, with the last peak beating the earlier one in June. This week it rose a little from last week - 103.4% to 103.8%. October’s ratio was 101.5%, September’s ratio was 103%, August’s ratio was 101.3%, July’s ratio that was 101.5%; June’s was 101.6% and May’s 100.5%..

Finally, the number of days for a home to sell in Redwood City is up this week to 37 days. Last week that figure was 33 days. The beginning of 2012 started out with, on average, it taking 96 days for a home to sell. This number has been on an upward trend since September, and bottomed out in July. I think you can blame this on people being on vacation and not active in the market of buying homes.

Last week the average price per square foot buyers were willing to pay was up by $9.00 per square foot to $501.00! In October it was $515.00. In September that number was $549.00, April that number was $461.00, May’s was $475.00, June’s was $481.00, and July was $509.00, August it was $551.00.

If you find this information informative and would like to receive Redwood City real estate updates on a regular basis you can sign up at http://sfbayhomes.com to receive a free newsletter. 

Available: Free lists of homes from the MLS. If you want notice about homes you are looking to buy you can click the “Register Today” button on my website and give the criteria of the home you would like to buy.  I will arrange for your own personal organizer and its results sent to you when a new home matching your criteria comes on to the market. You will have information within four hours of this information being placed in the Multiple Listing Service, (MLS), which is about as fast as I receive this information.

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