Redwood City Real Estate Trends
Trends in Old Redwood City real estate continued to impress throughout 2013, and the fourth quarter of the year wasn’t any different. While buyers lamented about the lack of inventory, high prices, and quick sales through the end of the year, we saw that only part of this was true. Sale prices were, in fact, up 15% from Q4 2012 with the price per square foot jumping from $575 to $721. The number of days homes were on the market dropped by 53%. However, inventory increased by a whopping 31%, contrary to many other parts of the Peninsula!
Another phenomenon in Redwood City real estate is the extreme sales prices buyers paid for some nicely finished homes in Q4 2013. Here are three record-breaking sales:
- A new construction, four bedroom, 3700 square foot home on Quartz Street achieved a sales price of $1,955,000.
- A two bedroom, 1220 square foot home on King Street achieved a record breaking price of $1,065,000.
- An off market sale of a four bedroom, 2020 square foot home on Fernside Street netted the owner a staggering sales price of $1,525,000.
These sales anomalies can be attributed to a number of things, but home buyers forced out of other neighboring, more expensive cities plays a large part. Suddenly, these buyers have “rediscovered” Redwood City and are embracing the resulting urban hotspot. With development downtown in full gear, we expect the trend to continue as more companies (University Art), restaurants (Quinto Sol), and home buyers make tracks to the heart of the Peninsula. Advice to buyers and sellers of Redwood City real estate: if you are planning a move, now is the time to act. We predict that prices will continue to increase throughout 2014, and that more housing inventory will start coming to the market at the same time. That means higher prices for buyers, and more competition for sellers!