Market Shift Continues Thru Summer. Great Opportunities Exist For Aggressive Buyers!
Greetings and thanks for checking in.
Here a brief rundown of what’s been happening in Redwood City during the month of July 2016 compared to July 2015.
There are many reasons for the recent market shift. I encourage you to contact me for a for a low-key, private and highly informative consultation which will show you how these facts and figures will affect your real estate aspirations. What you don’t know will hurt you.
- The market is still active and flourishing. While there are some buyer-positive market shifts happening, buyers still need to keep their foot on the gas. Do not get complacent!
- The condo figures indicate that many buyers may be looking to condos as a back-up plan if they feel priced-out of Single Family Homes.
- Months of inventory has spiked up. The market feels like it’s flattening out.
- We are seeing fewer offers per completed transaction. Homes that garnered 6-10 offers in 2015 are now getting 2-5, and in many cases those offers are for less dollars above asking price than in recent years. Double-digit offers seem to be yesterday’s news.
- More offer dates are being set with no offers coming in at all, hence…
- We are also seeing many more price reductions.
- It is still a seller market, but less so than last year. Sellers should be mindful of their pricing strategy. Last year’s pricing models will not work and will result in “stale bread syndrome”.
- Detailed statistics below
Single Family Homes (July 2016 versus July 2015)
- Days on Market: 24 days versus 23 in 2015. Change of over 4%.
- Median Sales Price: $1,315,000 versus $1,338,000, down close to 2%. Huge price gains seen in recent years have slowed dramatically. Maybe even peaked?
- Price per Square Foot: $909 versus $833 in 2015. Just over 9% change.
- % Of List Price Received: 106% versus 112% in 2015, down over 5%.
- Months of inventory: 1.3 months versus 3 weeks in 2015 or an over 85% change benefiting buyers.
- Monthly Closed Transactions: 49 transactions versus 62 in 2015, close to 21% decrease.
Condos (July 2016 versus July 2015)
- Days on Market: 19 days versus 18 in 2015, or down over 18%. Activity has slowed.
- Median Sales Price: $930,000 versus $760,000 in 2015. Spike up over 22%.
- Price per Square Foot: $773 versus $557 in 2015. Spike up over 31%.
- % Of List Price Received: 109% versus 104% in 2015. Over 4% increase.
- Months of inventory: About 2.3 months versus less than1 month in 2015 or a 155% change benefiting buyers.
- Monthly Closed Transactions: Flat year-on-year at 8 units
Passion > Integrity > Results
* All statistics as per SAMCAR