Redwood City Real Estate Market Update - September 2013
Strong Price Increases Through September 2013
Prices are rising sharply in Redwood City and buyers continue to bid above asking prices. Here are some highlights for the Redwood City real estate market as of September 2013.
- The average price per square foot was $626 in September, one of the highest ever in Redwood City. As a comparison, the average price per square foot in all of 2012 was under $500; it was $495.
- The average sold home was on the market for less about three weeks (20 days for those sold in September and 23 days for all of the 2013 sales). In 2012, the average days on market was six weeks.
- While not all homes sold for more than the asking price, the average sale was nearly 5% above the final list price in September. It was the 17th straight month that homes collectively sold for more than their asking price.
Redwood City has seen some of the sharpest price increases in the Peninsula. In the past 12 months, prices have increased by around 20%. Since reaching the bottom in late 2011/early 2012, prices are up 30%.
The average price per square foot has been at or above $600 in four of the past five months (it was $597 in the other months). This represents a huge jump over the past few years. In 2011, the average price per square foot was $446. The highest monthly value was $480. In 2012, the average price per square foot was $495. The highest monthly value was $547.
Inventory levels have fallen dramatically over the past few year. The number of unsold homes at the end of September 2013 in Redwood City is 59 homes. That is down from 79 unsold homes at the end of September 2012 and 172 unsold homes at the end of September 2011.
Most homes are selling quickly. The average days on market of homes sold in September 2013 was 20 days. It has been between 15 and 24 days for the past six months. In prior years, the average time spent on market was between 40 and 60 days. Many homes are selling in ten days or less.
By The Numbers - Redwood City Real Estate for 2013
|Current Month||YTD Total or Average|
|September 2012||September 2013||Jan - Sep 2012||Jan - Sep 2013|
|Days on Market||27||20||42||23|
|Months of Supply||2.1||1.2||1.7||1.2|
|Avg $ per Sq Ft||$547||$626||$490||$596|
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