Welcome to the latest Redwood City real estate market update for August 2023! Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and media sale price. In today’s Market Monday blog post, we will focus on the data for August 2023, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.
Number of Sales:
In August 2023, the Redwood City real estate market saw a total of 35 sales, a 9% increase compared to the previous month. Comparing August 2023 to August 2022, sales were the same, which is particularly impressive given the large reduction in inventory.
Number of Listings:
The total number of listings in Redwood City for August 2023 was 81, which is the same as the previous month. Inventory remaining the same is actually a good thing for the perennially undersupplied Redwood City market. To be clear, however, inventory is still historically low. New listings peaked in May this year and have dropped 29% from May to August.
Median Listing Price:
The median listing price for homes in Redwood City in August 2023 was $1,998,000, which is the same as the previous month.. Year to date, the median list price was up 7%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in August, they received 102% on average.
Median Sale Price:
For August 2023, the median sales price of homes in Redwood City was $2,150,000, a 6% decrease month over month and 2% decrease year to date.
Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that buyers are facing more competition, which is largely true. The Redwood City market currently favors sellers.
As we wrap up our Redwood City real estate market update for August 2023, it's essential to remember that the local market evolves and shifts. Keeping an eye on these key indicators each month helps you make informed decisions about buying, selling, or investing in Redwood City real estate.
If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the Redwood City real estate market with certainty!
Your source for real estate news on the San Francisco Mid Peninsula
Redwood City is at the center of the Mid Peninsula and is a highly desirable community. Blessed with beautiful housing, strong public schools, and a convenient locati… Read more
When it comes time to sell your San Francisco Mid Peninsula home, your first task should be to find an outstanding Realtor. This important professional should have amp… Read more
Calling all shoppers. If you find yourself on the San Francisco Mid Peninsula (a truly beautiful place), make sure that you peruse the shops on Burlingame Avenue in Bu… Read more
Val Vandervort of Veritas Homes continues the discussion with Melanie Luders of Fidelity National Title Escrow. This time they discuss escrow title fees and how they a… Read more
Val Vandervort of Veritas Homes sat down with Melanie Luders of Fidelity National Title Escrow to discuss residential title and escrow in San Mateo County. The purpose… Read more
During my years growing up in San Mateo, I was aware of the Hiller Aviation Museum. I saw it while driving along the 101 freeway. I saw small planes flying in and out … Read more
Understanding what is happening with the Mid Peninsula real estate market is not an easy task these days. As Realtors centered in San Carlos CA, we have felt a market … Read more
Christmas is upon us. If you are like me, I’m busy buying and wrapping Christmas gifts, planning meals, and other such busy holiday activities. Sometimes it gets so bu… Read more
There is no doubt in my mind that San Francisco is one of the most beautiful places on earth. The rugged terrain, beautiful architecture, and gorgeous views are hard t… Read more
House prices in the Bay Area have been slumping over the past six months, and this includes Mid Peninsula real estate. It’s a strange occurrence for us. We are used to… Read more
The California Residential Purchase Agreement is an ever-evolving document central to purchasing residential real estate in the state of California. In addition to a p… Read more
San Mateo is a great place to live. Conveniently located on the Peninsula between San Francisco and San Jose, the city has an active business community, beautiful hous… Read more
New Price! 2708 Babe Ruth Avenue, San Jose 4 Bedrooms | 2 Baths 2,082 sq ft | 6,000 sq ft lot Built in 1976 Offered at $1,698,000 Beautifully remodeled one-story home … Read more
In Escrow! 3349 Brittan Ave #12, San Carlos 3 bedrooms | 2 baths 1,239 Sq Ft (Realist) HOA dues: $693/mo Offered at $948,000 Ideally located amidst a grove of Redwoo… Read more
San Mateo is a suburban center along the San Francisco Peninsula, perched between the Santa Cruz Mountains and the San Francisco Bay. With a variety of housing, strong… Read more
The news has been filled with bad economic news - including residential real estate. Most conversations I participate in include a belief that real estate markets acro… Read more
You’ve got questions and we can’t wait to answer them.