Some of the Highest Price Increases
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 March 2014.
- The average price per square foot has been $659 in the first three months of the year, as compared to about $600 in all of 2013 and $500 in all of 2012.
- Homes sold for 105.8% above the asking price in March 2014. This is the 23rd month in a row that the average sales price was above the average list price.
- Inventory remains low at just 44 unsold homes as of March 2014, half of what it was two years ago at the same time.
Redwood City has seen some of the sharpest price increases in the Peninsula. Since reaching the bottom in late 2011/early 2012, prices are up 40% (in most areas of the mid-Peninsula, prices have risen closer to 30% to 35%). In the past year, prices are up 20%.
While the Redwood City market has long had a significant mix of $1 million sales, only in the past few months has $1 million become more common than not. In four out of the past five months, the median selling price has been above $1 million. By definition, the median is the amount at which half of homes sell for more and half sell for less. With the median price now regularly above $1 million, it means that more than half of single family homes in Redwood City are selling for more than $1 million.
Most homes are selling quickly. The average days on market of homes sold so far in 2014 has been 22 days. There are always a handful of homes that sell after being on the market for multiple months. The most desirable listings are being sold in less than 10 days, often after a single open house.
By The Numbers - Redwood City Real Estate
|Current Month||YTD Total or Average|
|March 2013||March 2014||Jan - Mar 2013||Jan - Mar 2014|
|Days on Market||40||19||33||22|
|Months of Supply||1.2||1.0||1.5||1.0|
|Avg $ per Sq Ft||$589||$665||$571||$659|
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.