- Prices stay strong
- Pending sales fall, closed sales rise
- Inventory down 25%
Closed sales of single family detached homes in Redwood City increased 30% from June but pending sales were off 18%. Price indicators were mixed again in July but in general, prices stayed strong. Inventory fell sharply after staying high for the past three months.
July’s median sales price was $1,136,500, which was $53,000 or 4.5% below June’s $1,189,500. That was, however, $236,500 or 26% higher than a year ago ($900,000). The average price per square foot in July was $693, $20 lower than the $673 posted in June. One year ago, the average price per square foot was $611. On average, sales in July were for about 109% of their list price, up from about 106% in June, as well as a year ago.
70 sales closed in July, up 30% (16 homes) from 54 in June. Sales almost matched the 71 units in July 2013). Pending sales fell sharply in July (see below), so I expect closed sales to head lower.
54 sales went to contract in July, down 18% or 12 units from 66 in June. That was also five less sales than a year ago. Inventory fell 25%, from 59 at the end of June to 44 at the end of July, which was 11 properties less than July 2013’s 55. Inventory relative to pending sales fell slightly form 0.9 months at the end of June to 0.8 months at the end of July.
Homes were listed for average of 22 days in July, up from 18 days in June. In July 2013, properties were on the market for 37 days, on average.
Analysis by Price Range
The inventory of homes priced under $750,000 fell from 13 at the end of June to eight at the end of July. 12 sales went pending in this segment in July, three more than in June. Inventory relative to pending sales was cut in half, from 1.4 months at the end of June to 0.7 months at the end of July. 18% of Redwood City’s inventory and 22% of its pending sales were priced under $750,000.
Both pending sales and inventory of homes priced from $750,000 to $1,499,999 fell sharply in July. Inventory fell by nine properties, from 26 at the end of June to 17 at the end of July. 33 sales went pending during July, 14 less than in July. About two weeks of inventory was on the market at the end of July, largely unchanged from June. This price range accounted for 39% of Redwood City’s inventory at the end of July and 61% of its pending sales during the month.
Nine sales of homes priced at $1.5 million or more went into contract in July, one more than in June. 19 homes were on the market at the end of July, one less than at the end of June. 2.1 months of inventory was available at the end of July, up slightly from 2.0 months at the end of June. 43% of Redwood City’s inventory and 17% of pending sales were in this segment.