- Market gets even hotter
- Pending sales highest in at least a decade
- Inventory falls sharply
- Highest median sales price ever
The Redwood City real estate market keeps heating up and there doesn’t appear to be any relief in sight. Pending sales were at their highest level in at least ten years and inventory was cut 40%. Prices keep reflecting the strong demand, with the median sales price setting a new record.
May’s median sales price was $1,450,000, the highest on record here. That was 7% higher than April’s $1,352,000 and 22% higher than May 2014’s $1,182,750. The price per square foot increased $34, from $812 in April to $836 in May. Homes sold for 114% of their list price in May, little changed from April but higher than a year ago (110%).
60 sales closed in May, 11 more than in April. One year ago, 51 sales closed.
More sales went to contract in May (91) than in any month in at least ten years. That was 37 more than April’s 54 and 40 more than May 2014’s 51. 37 fewer homes were available for sale at the end of May (49) than at the end of April (86). That is about a third of the inventory level of a year ago (133). A two week supply was on the market at the end of May, a big drop from 1.6 months at the end of April and 2.6 months a year ago.
On average, homes were listed for 37 days in May, down from 40 in April.
Analysis by Price Range
While only five properties priced under $750,000 were on the market at the end of May, there were 12 sales that went pending in this category. That was 10% and 13% of the market, respectively. Inventory relative to pending sales was cut from 3.3 months at the end of April to 0.4 months at the end of May.
The inventory of homes priced from $750,000 to $1,499,999 was cut from 45 at the end of April to 28 at the end of May. Pending sales increased 12 units to 51 in May. A 0.6 month supply was available at the end of May, down from 1.2 months at the end of April. This price range accounted for 57% of inventoyr and 56% of sales.
16 homes were actively listed for more than $1.5 million at the end of May, 12 less than the end of April. 28 sales went pending during the month, 17 more than in April. That cut supply from 2.6 months at the end of April to 0.6 months at the end of May. 33% of Redwood City’s inventory and 30% of its sales were priced at or above $1.5 million.