- Median sales price over $1 million again
- Price per square foot over $700 for first time
- Inventory flat
- Pending sales up 25%
May was another hot month for Redwood City real estate. The median sales price was back over $1 million after dipping in April. The median sales price has now been over $1 million for five of the past seven months. Pending sales rose by more than 20% for the third consecutive month.
May’s median sales price was $1,180,000, 26% higher than April $940,000. One year ago, the median sales price was $957,565, which was 23% or $222,435 below the current month’s level. May’s closed sales were for 110% of the list price, matching April. This ratio was 106% a year ago. The average price per square foot was $745, the first time it has been over $700. It was $695 in April and $601 a year ago.
47 sales closed in May, two less than in April and 19 less than a year ago. Pending sales are increasing; however, so closed sales will rise in the near term.
65 sales went into contract in May, up 23% or 13 properties from 52 in April. May was the third consecutive month with an increase of more than 20% in pending sales. May’s sales were still below May 2013’s 75. 59 homes were actively listed at the end of May, unchanged from April and four units higher than a year earlier. Inventory relative to pending sales dipped form 1.1 month at the end of April to 0.9 months at the end of May.
May’s closed sales were listed for an average of 24 days, up from 21 days in April. One year ago, homes were on the market for an average of 16 days. May ended a nine month string where homes were listed for fewer days than in the same month a year earlier.
Analysis by Price Range
The inventory of homes priced under $750,000 dropped, while sales increased. Nine properties were actively listed at the end of May, three less than at the end of April and seven less than a year ago. 12 sales went pending in this segment during May, three more than in April but less than half the 26 from May 2013. Inventory relative to pending sales was cut nearly in half, from 1.4 months at the end of April to 0.75 months at the end of May. 18% of Redwood City’s sales and 16% of its inventory was in this market segment.
Homes priced from $750,000 to $1,499,999 accounted for 62% of pending sales and 51% of inventory. Inventory in this price range increased by three units to 30 at the end of May. 40 sales went into contract during May, four more than in April. About three weeks of inventory was on the market at the end of May, unchanged from April.
13 sales of homes priced at $1.5 million and up went pending during May, nearly double April’s seven. 20 of these properties were actively listed at the end of May, one more than at the end of April. 1.5 months of inventory was available in this segment at the end of May, down from 2.7 months at the end of April. 34% of Redwood City’s inventory and 20% of its pending sales were in this price range.