REDWOOD CITY REAL ESTATE UPDATE
October 2016 versus 2015 Home Sales:
Redwood City Single Family Homes
2015 2016 Difference
Days on market 19 26 36.84%
Median Selling Price $1,328,000.00 $1,405,000.00 5.80%
Percentage over Listing Price 110% 105% -4.55%
Price per Square Foot $809.00 $859.00 6.18%
Months of Inventory 0.5 0.2 -60.00%
Key Take Aways for Condos–Redwood City
2015 2016 Difference
Days on market 21 18 -14.29%
Median Selling Price $820,000.00 $880,000.00 7.32%
Percentage over Listing Price 107.00% 106.00% -0.93%
Price per Square Foot $625.00 $677.00 8.32%
Months of Inventory 0.3 0.8 166.67%
Major Take Aways
- We are seeing that the amount of offers per transaction is sharply lower in any cases.
- The delta between list price and selling price is in the single digits versus double digits last year.
- Homes are staying on the market longer than in previous years.
- Inventory is creeping up in recent months, now at about 1.5 – 2 months versus 3 weeks last year in San Mateo County.
- Offer dates are coming and going with zero offers leading too many price reductions.
- To be clear, it is still a sellers market, but the shift is starting to favor buyers. Potential home sellers will need a new strategy for success in a shifting marketplace.
- December’s interest rate hike (more coming in 2017) may slow the market further favoring buyers.
- Knowing “who” will buy your property is key. Reaching the peninsula’s well-healed millennial buyer is my secret sauce, and I know how to reach these folks using the very technology they help develop.
- Real Estate is a results oriented business! 98% of my listings have sold for over asking price. I have never had a listing fall into expired or cancelled status and I have never had to do a price reduction. That’s the kind of performance you deserve!
- Please contact me for quick 20-minute consultation. What you don’t know will hurt you!
DON’T TAKE MY WORD FOR IT…
(full testimonials can be found at: www.DinoVirella.com/testimonials)
It has become apparent to me that there’s a lot of value that a proactive real-estate agent such Dino brings to the table that is difficult to replace with on-line resources. -ML
At the end of the day, his pricing strategy was spot-on and we sold the property for over asking price, which as Dino likes to say “is the most important piece of the puzzle“. Due to our total satisfaction with the level of his service, we carry Dino’s business cards around and hand them to friends and family often. We cannot recommend him and his methodology enough! -Mrs. and Mr. H
He (Dino) stayed close enough to come to my rescue when I needed help and out of my hair when I just needed space. From beginning to end I was impressed with the smoothness of all of the transactions and his prompt support of anything I needed. This went exceptionally fast and as a project manager myself, I know just how challenging it is to keep all of the details straight at hyper speed, but he did it. Thank you Dino! I will be recommending you to all of my friends. – JAB
Dino is also one of the kindest people I’ve had the opportunity to meet and work with. He seems to approach every task with unbridled optimism, which is truly infectious. In talking to other agents, contractors, and property managers, I’ve found that Dino is universally praised as one of the nicest guys in the business. It’s not that he can’t be tough on your behalf. It’s just that he treats everyone he encounters with dignity and respect. And that pays off! – ML