Redwood City Has 2nd Highest Number of Home Sales
Of the cities surveyed in the San Mateo County Real Estate Price Report, Redwood City had a 2nd highest number of home sales (54) in October, 2009. The most dramatic factoid is the huge spread between the highest price home sold – $2,725,000 – and the lowest price home sold – $150,000. The owners of 17 of the 54 homes had to reduce their list asking price to affect a sale.
Redwood City Real Estate Market Slowing?
Days on Market is probably the best indicator of Redwood City’s real estate activity level. As Days on Market lengthens, activity stalls and as Days on Market shorten, activity increases. Considering the closed sales, it took Redwood City home sellers 53 days to secure a buyer under contract as compared to 96 days for the pending sales that have not yet closed escrow. This indicates a significant increase in the marketing time for pending home sales – those in contract, but not yet closed. This is something that should be watched as it may be a harbinger of a slowing in the Redwood City real estate market.
How Well Did Redwood City Home Owners Price their Homes?
This report measures frequency of how much sellers received for their homes in relationship to the Original List Price because it is the most telling reflection of how realistic Redwood City home sellers are in setting their asking prices.
8 (51.9%) sold in less than 30 days. 21 (38.9%) of 54 Redwood City home owners received their Original List Price or more. 26 homes took more than 31 days to sell of which 22 sold for less than their Original List Price. Only 4 homes on the market for more than 31 days sold for more than its Original List Price. That is not a surprising figure as the longer a home is on the market the greater the chance that it will sell for less than asking. We calculate sales frequency based on Original List Price because it is a truer measure the negotiating balance between sellers and buyers.
Highest Number of Home Sales in Redwood City Since June 2007
More Redwood City homes closed escrow (54) than in any month since June 2007. Newly initiated Redwood City home sale contracts (91) exceeded new listings (78) for the 6th straight month. Given the increase in marketing time, and the fact that 33 of 54 (61.1%) homes sold for less than their Original List Price, the Redwood City real estate market may be losing steam. Since December, 2008, the Redwood City housing market has enjoyed a surge in the number of new listings to the 96 currently in contract. It’s taken these homes longer to sell, so it will be interesting to see how many home owners sold for less than their Original List Price in the weeks to come.
All Real Estate is Local – Especially in Redwood City
Redwood City is a text book example of the phrase “all real estate is local” – very local. Notable differences exist between neighborhoods within the same zip code and even within the same Realtor Map Code. It’s because of the uniqueness of each property and the inability to move it that we see location as the single most influential factor on the value of a home.
Download a Complete Copy of the San Mateo County Real Estate Price Report
To download a complete copy of the San Mateo County Real Estate Price Report for October, 2009 click on the Adobe PDF logo below. The complete report also contains the real estate price reports for San Mateo, Belmont, Foster City, San Carlos and Redwood City.
Download San Mateo County Price Report in PDF
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Click on the “Your Home’s Value” button below for a detailed report of what is going on in your neighborhood. All we need is a zip code and an email address and the report is on its way to you. View a sample market report.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Tags: Redwood City CA
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
