- Sales fall but no as much as in some nearby towns
- Inventory falls, especially for mid-range homes
- Median sales price increases
Redwood City’s real estate market may be the most resilient in the area. While both inventory and sales fell in November, they did not fall as sharply as in most of the surrounding communities. Prices remain firm, as indicated by the increase in both the median sales price and the average price per square foot during November.
October’s median sales price was $1,192,000, 9% or $102,000 higher than October’s $1,090,000, which was the same median sales price as November 2013. The average price per square foot also increased in November, from $690 in October to $728 in November, a 5.5% rise. That was the first time over $700 since May. Homes sold for $663 per square foot a year ago. Properties in November sold for 105.5% of the list price, on average, compared to 106.7% in October and 105% in November 2013.
Closed sales fell 17% or nine units in November, from 52 in October to 43. November’s sales were also 16% or eight units lower than a year ago, when there were 26.
After increasing for the prior three months, pending sales fell 17% in November, from 47 in October to 39. November was on par with a year earlier, when 40 sales went to contract. Inventory fell more sharply in November, from 40 at the end of October to 25 at the end of November, a 38% decline. November also had 15 fewer homes on the market than a year earlier. Inventory relative to pending sales fell from 0.85 months at the end of October to 0.6 months at the end of November.
There was little change in the average number of days homes were listed, from 26 days in October to 25 in November. This number has been pretty steady for the past several months. One year ago, properties were listed for an average of 26 days.
Analysis by Price Range
The market for homes priced under $750,000 saw little change in November. Pending sales were unchanged from October at seven, compared to nine a year ago. Six homes were actively listed at the end of November, one less than at the end of October and four less than a year earlier. A 0.9 month supply was available at the end of November, down from 1.0 month at the end of October. 24% of Redwood City’s inventory and 18% of its pending sales were priced under $750,000.
Hoes priced from $750,000 to $1,499,999 took the brunt of the hit in both inventory and pending sales in November. Inventory fell 56%, from 18 at the end of October to eight at the end of November. Pending sales also fell by 10 units (29%) to 25 during November. November 2013 had 27 pending sales and ending inventory of 10 properties. November ended with a 0.3 month supply of homes on the market, compared to 0.5 months at the end of October and 0.7 months a year ago. This price range accounted for 64% of Redwood City’s pending sales during November and 32% of its inventory at the end of the month.
Eleven homes priced over $1.5 million were actively listed at the end of November, down from 15 at the end of October and 13 a year ago. Seven sales went to contract in November, two more than in October but two less than in November 2013. Inventory relative to pending sales was cut nearly in half, from 3.0 months at the end of October to 1.6 months at the end of November. 44% of Redwood City’s inventory and 18% of its pending sales were in this segment.