- Median sales price returned to normal
- Sales prices 110% of list
- Inventory up 37%
- Pending sales up 23%
After making a big move up in March, the median sales price returned to a more normal level in April but remained above the level of a year earlier. The sales price to list price ratio of 110% was higher than at any time in over three years. Both inventory and sales increased.
The median sales price in April was $940,000, which was significantly lower than March’s $1,180,000. However, March’s median sales price was abnormally high. April’s median price was 3% higher ($29,000) than a year ago ($913,500). On average, sales closed for 110% of their list price in April, up from 106% from both March and a year earlier. The average price per square foot increased $30 or 4.5% to $695 in April from $665 in March. April was 22% or $123 higher than April 2013’s $572.
Closed sales increased 14% in April, from 43 in March to 49. Closed sales remained below the levels of a year ago for the third consecutive month. 54 sales closed in April 2013.
Pending sales were up 24% in April. 52 sales went pending during the month, 10 more than in March and three more than a year ago. Inventory increased 37%, from 43 at the end of March to 59 at the end of April. That was six fewer than a year ago. Inventory relative to pending sales increased slightly, from 1.0 month at the end of March to 1.1 month at the end of April. 1.2 months of inventory were on the market a year ago.
April’s closed sales were on the market an average of 21 days, up from 19 days in March but down 10 days from 31 in April 2013. April was the ninth consecutive month where homes were on the market fewer days than a year earlier.
Analysis by Price Range
Homes priced under $750,000 accounted for 22% of Redwood City’s inventory at the end of April and 17% of the sales that went pending during the month. 13 homes were actively listed in this segment at the end of April, four more than at the end of March. Nine sales went into contact during April, the same number as in March. Inventory relative to pending sales increased from 1.0 month at the end of March to 1.4 months at the end of April.
Both pending sales and inventory of homes priced from $750,000 to $1,499,999 increased in April. 36 sales went pending during April, 8 more (29%) than March’s 28. Four more homes were actively listed at the end of April (27) than March (23). Relative to pending sales, inventory remained virtually unchanged at about 0.8 months. 69% of the sales that went pending in Redwood City during April and 46% of inventory at the end of the month were in this price range.
Homes priced at $1.5 million or more posted gains in both inventory and sales. 19 homes were actively listed in this segment at the end of April, up from 11 in March and the most we have had in a couple of years. Seven sales went into contract during April, two more than in March. 2.7 months of inventory relative to pending sales were on the market at the end of April, up from 2.2 months at the end of March. This segment accounted for 32% of Redwood City’s inventory and 14% of its pending sales.