Bidding Wars Continue
Homes in the Redwood Shores real estate market are selling as fast or faster than any area of the mid-Peninsula with most new listings sold in less than two week. Many homes continue to attract multiple bidders and are selling for above asking prices. Here are some highlights for the 10 homes sold in Redwood Shores real estate market in 2014 through March:
- Average price per square feet has been $662. If this holds it would be a nearly 10% increase over 2013 (which itself was over 5% above the previous annual high in 2007)
- Bidding wars continue. The average home sold for 6.4% above the asking price.
- The average days on market was 18 days.
Prices have been steadily increasing for the past two years in Redwood Shores. Over that time, prices have risen by 30%. In the past 12 months, the increase has been around 15%. By all measures, prices are at record levels in Redwood Shores.
Two years ago, a prospective buyer would have expected to pay just under $500 per square foot for a typical listing. A year ago, that same buyer would have paid closer to $550 per square foot. Currently, buyers are paying closer to $650 per square foot.
Biddings wars remain commonplace in Redwood Shores. Although based on just three sales, the average sales price to listing price ratio in March 2014 was 110.9%. This is the highest ratio in at least the last ten years in Redwood Shores. The ratio has regularly been above 100% since the middle of 2012.
The success of sellers in the marketplace goes beyond the record level of prices. Nearly every listed home is selling. In the past two years, there were over 155 listings and 146 sales, a ratio above 90%. (The 9 listings that did not sell do not necessarily represent failed listings. Sometimes sellers simply change their minds and decide not to sell). The ratio was below 60% in 2008 when lots of listings were coming onto the market, but few homes were selling.
By The Numbers - Redwood Shores Real Estate
|Current Month||YTD Total or Average|
|March 2013||March 2014||Jan - Mar 2013||Jan - Mar 2014|
|Days on Market||7||11||18||18|
|Months of Supply||0.2||1.7||0.7||1.0|
|Avg $ per Sq Ft||$571||$746||$535||$662|
Thinking of buying or selling a home in Redwood Shores?
If you're interested in learning more about the Redwood Shores real estate market, considering selling your home in Redwood Shores, or thinking about moving to Redwood Shores please drop me a line and I'd love to connect with you.