Redwood City Real Estate - March 2012
Sales Up in 2012
The Redwood City real estate market has had a hot start to the year, in terms of the number of transactions. Through the first three months of 2012, there have been 128 homes sold, up from 100 in the same period last year.
Steady Prices
Last September we noted that although selling values appeared to be declining in Redwood City it may have just been a normal random fluctuation in the types of homes being sold. Six months later, that seems like the most reasonable explanation. Selling values are up compared to 2011, but on average have basically been flat for the past two years.Going forward, the extraordinarily low level of inventory is one indicator pointing to higher prices. When buyers have to compete for a limited supply the tendency is for the most sought after homes to get multiple offers, culminating in offers above asking prices. When offers come in above asking prices it leads to higher selling values, higher comps and higher asking prices for future listings. We will continue to track inventory levels to get an idea of future price movements.
Thinking of buying or selling a home in Redwood City?
If you're interested in learning more about the Redwood City real estate market, considering selling your home in Redwood City, or thinking about moving to Redwood City, please drop me a line and I'd love to connect with you.By The Numbers - Redwood City Real Estate for March 2012
| Current Month | YTD Total or Average | |||
| March 2011 | March 2012 | Jan - Mar 2011 | Jan - Mar 2012 | |
| Sales | 45 | 56 | 100 | 128 |
| Days on Market | 59 | 45 | 58 | 54 |
| Months of Supply | 3.7 | 1.3 | 5.0 | 1.9 |
| Average Price | $657,000 | $742,000 | $682,580 | $728,141 |
| Median Price | $590,000 | $715,000 | $636,980 | $683,078 |
This article is copyrighted by Raziel Ungar and may not be reproduced or copied without express written permission.
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