- Homes sell for 114% of list, highest in at least ten years
- Sales way up
- Inventory falls
- Days on market very low
The supply of homes for sales in Redwood City could not keep place with a huge surge in sales. Pending sales were up nearly 200% and closed sales doubled. With that dynamic, something had to give and it was prices, which moved higher in March.
The median sales price was actually flat from February at $1,312,500 but other price indicators were up sharply. Homes sold for an average of 114% of the list price in March, up from 111% in February and again setting a record (at least for the past ten years). The price per square foot, which was up 19% in February and set a new record that month, moved 4% higher in March to $855.
Closed sales double, from 24 in February to 48 in March, the most since October. One year ago, 46 sales closed in March.
Pending sales nearly tripled in March, from 26 in February to 77 in March. That was the most sales since July 2013. Inventory fell 11 units to end the month with 51, representing a 0.7 month supply relative to pending sales. There was a 2.4 month supply at the end of February and a 2.2 month supply a year ago.
March’s closed sales were on the market an average of 14 days, up from an extremely low nine days for February’s sales. One year ago, homes were listed for an average of 19 days.
Analysis by Price Range
Nine sales of homes price under $750,000 went to contract in March, the most since September. That was up from only two in February. 12% of total sales were in this segment. Inventory was cut sharply in this segment, from 12 at the end of February to five at the end of March. Those five homes were 10% of Redwood City’s total and represented about a two week supply.
Homes in the $750,000 to $1,499,999 price range accounted for the bulk of sales here (73%) and nearly half the inventory. Pending sales jumped 2.5 times, from 16 in February to 46 in March. 11 fewer homes were listed at the end of March (25) than the end of February (35). Inventory relative to sales fell from over two months at the end of February to less than two weeks at the end of March.
Both sales and inventory of homes priced at $1.5 million and up increased in March. Inventory increased five units, from 16 at the end of February to 21 at the end of March. Pending sales increased four units to 12 during March. A 1.75 month supply was available at the end of March, down from 2.0 months at the end of February. 41% of inventory and 16% of sales were in this segment.