- Price indicators mixed
- Sales up
- Inventory flat
The Redwood City real estate market remained hot in June but pricing indicators were mixed, with the median sales price increasing but other statistics declining. Both pending and closed sales of single family detached homes increased in June. Inventory was flat for the third straight month.
The median sales price in May was $1,189,500, up $12,000 or 1% from May’s $1,177,500. June’s median sales price was $263,500 or 29% higher than June 2013’s $926,000. The median sales price has been over $1 million for six of the past eight months. The average price per square foot fell $80 in June, from $753 in May to $673. That was still 11% or $66 higher than a year ago ($607). The average closed sale in June was for 105.5% of the list price, down from more than 110% in both April and May. May’s average equaled that of a year ago.
54 sales closed in June, six more than in May but 14 less than a year ago. Pending sales increased in June as well, so closed sales will likely continue to climb.
66 sales went pending in June, three more (5%) than in May. It was also one more than went pending in June 2013. 59 homes were actively listed at the end of June, unchanged from both April and May. Inventory relative top pending sales was little changed at about 0.9 months.
The average length of time homes were listed fell from 24 days for sales closed in May to 18 days for those closed in June. A year ago, homes were on the market an average of 17 days.
Analysis by Price Range
Homes priced under $750,000 saw inventory increase from nine at the end of May to 13 at the end of June, an increase of 44%. 17 homes were actively listed in this segment at the end of June 2013. Nine sales went pending during June, one less than in May but 11 less than a year ago. 1.4 months of inventory were available at the end of June, up from 0.9 months at the end of May. This segment accounted for 22% of Redwood City’s inventory and 14% of its pending sales.
In the $750,000 to $1,499,999 price range, inventory fell by four units to end June with 26, compared to 34 a year earlier. 47 sales went pending during June, down from 40 in May but five more than June 2013’s 42. Inventory relative to pending sales was cut from about three weeks at the end of May to just over two weeks at the end of June. 71% of Redwood City’s pending sales and 44% of its inventory was in this price range.
20 homes priced at $1.5 million and up were actively listed at the end of June, unchanged from May. 10 Sales went into contract in June, three fewer than in May. 2.0 months of inventory were available in this segment at the end of June, up from 1.5 months at the end of May. This price range made up 15% of the sales that went pending in Redwood City during June and 34% of its inventory at the end of the month.