Greetings and thanks for checking in.

Here a brief rundown of what’s been happening in Redwood City during the month of May 2016 compared to calendar year 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.

Big takeaways:

  • 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. While the amount of transactions jumped up in May, 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.
  • More offer dates are being set with no offers coming in at all.
  • 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 may result in “stale bread syndrome”.
  • Detailed statistics below

Single Family Homes (May 2016 versus calendar 2015)

  • Days on Market: 17 days versus 19 in 2015. Change of over 10%.
  • Median Sales Price: $1,455,000 versus $1,328,000, or just close to 10%. Huge price gains seen in recent years have slowed dramatically.
  • Price per Square Foot: $867 versus $809 in 2015. Just over 7% change.
  • % Of List Price Received: 106% versus 110% in 2015, down close to 4%.
  • Months of inventory: 1.3 months versus 2 weeks in 2015 or a 160% change benefiting buyers.
  • Monthly Closed Transactions: 66 transactions versus 47 in 2015, close to 41% increase.

Condos (May 2016 versus calendar 2015)

  • Days on Market: 13 days versus 21 in 2015, or down over 38%. Activity us up.
  • Median Sales Price: $925,000 versus $820,000 in 2015. Spike up close to 13%. 
  • Price per Square Foot: $651 versus $625 in 2015. Just over 4% change.
  • % Of List Price Received: 110% versus 107% in 2015. Almost 3% increase.
  • Months of inventory:  About 3 weeks versus less than 2 weeks in 2015 or a 100% change benefiting buyers.
  • Monthly Closed Transactions: 10 transactions versus 11 averaged in 2015, down almost 9%.

Dino Virella
Passion > Integrity > Results
CalBRE #019111

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* All statistics as per SAMCAR