- Sales increase
- Inventory continues to climb
- $1 million – $1.75 million segment strongest
- Prices steady
Overall, the Redwood City real estate market was pretty hot in April, with both sales and inventory continuing to increase. Prices were steady and homes did not stay on the market for long. Underneath the averages, though, there was a bit of a different trend. While homes that were priced below where they “should be” saw multiple offers and sold quickly (often in a week or less), homes priced less aggressively low stayed on the market longer. Homes priced around where they “should be” often had a lot of lookers but far fewer offers and were on the market for closer to a month.
The median sales price in April was $1,377,500, which was 8% or $122,500 below March’s record $1.5 million. April’s median price was still $25,500 higher than a year ago. The price per square foot also dipped below the record set in March of $922 to $878. That was still $66 higher than in April 2015. The average sale in April closed for 108% of the list price, compared to 109% in March and 114% a year earlier.
Closed sales increased from 35 in March to 44 in April. April had five fewer closed sales than did April 2015.
Pending sales increased 24%, from 37 in March to 44 in April. That was still three less than a year ago. Inventory increased 29% to 120 units. That was the most here since July 2014. With both inventory and sales increasing, inventory relative to pending sales was little changed at 2.6 months. One year ago, there was a 2.0 month supply.
Days on market fell again in April, from 26 in March to 14. March was the fourth straight month this statistic dropped and the first since November to be below 20 days, the point at which a market is generally considered hot.
Analysis by Price Range
30 homes priced under $1 million were actively listed at the end of April, four more than at the end of March. Those 30 homes were 25% of all inventory in Redwood City. Pending sales increased by one to 11 in April, representing 24% of total sales. A 2.7 month supply was on the market at the end of April, up slightly from 2.6 months at the end of March.
The middle of the market (homes priced from $1 million to $1,749,000) is where the most action is in Redwood City. 54% of pending sales in April and 46% of inventory at the end of the month were in this price range. 55 homes were for sale at the end of April, 14 more than at the end of March. Pending sales increased by six units to 25 in April. Supply relative to pending sales was little changed at 2.2 months.
Pending sales of homes priced at or above $1.75 million increased from eight in March to 10 in April. Inventory was up nine units to end April with 35. There was a small increase in the relative supply, from 3.25 months at the end of March to 3.5 months at the end of April. 29% of inventory and 22% of sales were in this segment.