Redwood City Real Estate Market Update Q3 2013

Redwood City Real Estate

Redwood City real estate is booming and is becoming one of the hottest sellers in the Peninsula. Any hesitation buyers may have had in the past about moving to Redwood City seems to have disappeared, just as housing inventory is quickly disappearing from the MLS. As buyers are priced out of neighboring cities, we are seeing a significant uptick in buyer interest filtering down to Redwood City, one of the youngest, hippest cities in the Peninsula. With the recent construction boom, the many new residential units, offices, restaurants and retail will have a huge positive effect for the community and the Redwood City real estate market.

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All statistical indicators show substantial growth in the county seat. Median sales prices are higher. For the second quarter in a row, median sales prices have exceeded historical values. From what I’ve seen, buyers are competing with one another to get into a home before they are priced out altogether. The number of days that homes are listed on the market before selling has consistently dropped to nearly the lowest count in history, just edged out by the second quarter of 2012. And although the inventory of homes on the market has remained fairly consistent over the past two years, the gap between active listings and sold listings is narrowing. This means that owners who decide to list tend to be successful with their sale and that listed homes aren’t lingering as they may have in the past.

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Off-market sales seem to be increasing again (though this figure is difficult to quantify). Because demand is so high, sellers are discovering that they can usually get their desired price without the intrusion of listing on the MLS and having hoards of buyers trek through their homes. But the question arises: could the seller have sold at a higher price if they listed on the MLS? That doesn’t appear to bother most sellers, however, as they count their proceeds in peace while enjoying a free “rent-back.”

Looking at the statistics for home sales over the past few quarters, I see an incredible growth in the housing market in Redwood City and more successful sales than we have in the past. With homes listing and profitably selling in shorter periods of time, I have to ask future sellers: what are you waiting for?

 

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