Redwood City

Redwood City Market Conditions March 2014

  • Median sales price highest in years
  • Closed and pending sales rise
  • Inventory continues to climb
  • Homes priced in the middle leading the market

March was a strong month for real estate in Redwood City. Prices of single family detached homes jumped, as did sales and inventory. Homes priced from $750,000 to $1.499 million had the most gains.

March’s median sales price of $1,180,000 was the highest in over three years. It was 26% ($244,000) higher than February’s $936,000 and 21% ($207,500) higher than March 2013’s $972,500. The average price per square foot fell in March to $665 from $692 in February. However, February was the highest price per square foot in years and was the only month with a higher price per square foot than March. Sales in March closed for 106% of the average list price, up from 104% in February and 103% a year ago.

Redwood City-Market Conditions-March-01

43 sales closed in March, a 53% increase (15 homes) from 28 in February. The big increase in closed sales brought us close to the level of a year earlier but fell one unit short.

Redwood City-Market Conditions-March-02

42 sales went into contract in March, five more (14%) than February 37. That was still 13 sales shy of the 55 that went pending in March 2013. Inventory increased by 13 homes (43%) to 43 at the end of March from 30 at the end of February, but fell short of the level from a year ago by one unit. Inventory relative to pending sales increase from 0.8 months at the end of February to 1.0 month at the end of March.

Redwood City-Market Conditions-March-03

The sales that closed in march were listed for an average of 19 days, down from 28 in February and 321 a year earlier. March was the fewest number of days since June’s 17.

Redwood City-Market Conditions-March-04
Analysis by Price Range

Inventory and sales of homes priced under $750,000 fell in March. Nine homes were actively listed at the end of March, down from 10 at the end of February. That was 21% of Redwood City’s total inventory. Nine sales went into contract during March, three fewer than during February. 21% of the sales that went into contract in Redwood City were in this segment. Inventory relative to pending sales increased from 0.8 months at the end February to 1.0 month at the end of March.

Redwood City-Market Conditions-March-05
Homes priced from $750,000 to $1,499,000 accounted for 53% of Redwood City’s inventory at the end of March and 67% of the sales that went pending during the month, both increases from February. Pending sales were up, from 20 in February to 28 in March. Inventory increased 77% or 10 homes, from 13 at the end of February to 23 at the end of March. Inventory relative to pending sales increased from 0.6 months at the end of February to 0.8 months at the end of March.

Redwood City-Market Conditions-March-06

Five sales of homes at $1.5 million or more went into contract in March, unchanged from February. That was 12% of Redwood City’s total. Inventory in this price range increased by four units to 11 at the end of March and accounted for 26% of the city’s total.

Redwood City-Market Conditions-March-07