Redwood City

Redwood City Market Conditions July 2015

  • Median sales price falls for second straight month
  • Other price indicators were up slightly
  • Other price indicators up slightly
  • Days on market increases

July looked a lot like June in the Redwood City real estate market, with the median sales price dropping a little and homes staying on the market a little longer. Homes still sold for 112% of their list price, on average, so demand was obviously still very strong here. Inventory remained low and sales high.

July’s median sales price was $1,332,000, which was 3% or $43,000 lower than June’s $1,375,000. It was the second straight month the median sales price fell. It was still 14% higher than a year ago. The average sale was for 111.9% of the list price in July, up half a percent from 111.4% in June. The price per square foot managed to increase $5 from June to $825 in July, nearly 20% higher than July 2014’s $690.

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63 sales closed in July, six less than in June and the same number as one year ago.

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I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward). That being said, inventory fell (according to the most recent data) from 97 at the end of June to 58 at the end of July. Pending sales increased from 70 in June to 82 in July. That cut the supply relative to pending sales from 1.4 months at the end of June to 0.7 months at the end of July.

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July’s sales were listed for an average of 23 days, the most since 29 in January. June’s sales were on the market an average of 18 days and one year ago it was also 18 days.

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Analysis by Price Range

The inventory of homes priced under $750,000 was cut from 15 at the end of June to five at the end of July, accounting for about nine percent of the total. Pending sales increased form seven in June to 12 in July, 15% of total sales.

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In the $750,000 to $1,499,999 price range, 32 homes were actively listed at the end of July, 20 less than at the end of June. 52 sales went to contract during July, four more than in June. 55 of Mountain View’s inventory and 63% of its pending sales were in this price range.

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21 homes priced at $1.5 million-plus were available for sale at the end of July, nine less than at the end of June. Pending sales increased by three to 18 during July. This segment accounted for 36% of inventory and 22% of sales.

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