REDWOOD CITY REAL ESTATE AT A GLANCE

September 2016 versus 2015

Redwood City Single Family Homes
2015 2016 Difference
Days on market 20 27 35.00%
Median Selling Price $1,222,500.00 $1,300,000.00 6.34%
Percentage over Listing Price 108% 104% -3.70%
Price per Square Foot $763.00 $768.00 0.66%
Months of Inventory 1.2 1.8 50.00%

Key Take Aways for Single Family Homes–Redwood City

  • The market shift of recent months continues. Properties are staying on the market longer.
  • Offer dates are coming and going with no takers resulting in many price reductions. Much of this can be blamed on sellers mis-pricing their properties using 2015 sales data not recent 2016 data.
  • Prices are up over 5% year on year.
  • The delta between list price and selling price also continues to feel some downward pressure. The norm is no longer double digits.
  • Price per square foot is in line with median selling prices.
  • While far from a buyers market, inventory continues to creep up.
  • Buyers are encouraged to keep their foot on the gas as the marketplace is still very competitive.
  • Sellers should be wary of agents promising fortunes based on old sales data.

Key Take Aways for Condos–Redwood City

2015 2016 Difference
Days on market 20 35 75.00%
Median Selling Price $850,000.00 $1,114,000.00 31.06%
Percentage over Listing Price 110.00% 100.00% -9.09%
Price per Square Foot $668.00 $684.00 2.40%
Months of Inventory 1.7 1.6 -5.88%

Key Take Aways for Condos

  • The market shift of recent months continues. Properties are staying on the market longer.
    75% longer!
  • Offer dates are coming and going with no takers resulting in many price reductions. Much
    of this can be blamed on sellers mispricing their properties using 2015 sales data not
    recent 2016 data.
  • Prices are up over 31% year on year. Showing that the market is still competitive. Buyers
    who have been priced-out of single family homes are also driving this.
  • The delta between list price and selling price also continues to feel some downward
    pressure. The norm is no longer double digits.
  • Price per square foot is also up slightly.
  • While up for single family homes, condo actually saw a small inventory reduction year on
    year.
  • Buyers are encouraged to keep their foot on the gas as the marketplace is still very
    competitive.
  • Sellers should be wary of agents promising fortunes based on old sales data.

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