Redwood City- Market Update

Welcome to the latest Redwood City real estate market update for December 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 December 2023, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.

Number of Sales:
In December 2023, the Redwood City real estate market saw a total of 36 sales, a 16% increase compared to the previous month and 29% rise year over year. Sales typically decline in the fourth quarter as new listings and inventory fall, but as mortgage rates have declined more buyers have come to the market.

Number of Listings:
Redwood City had 52 active listings in December 2023, representing a 39% decrease month over month and a 19% decline year over year. Inventory tends to decline from September through January so falling inventory is expected this time of the year.

Median Listing Price:
The median listing price for homes in Redwood City in December 2023 was $2,074,500, a 1% decrease compared to the previous month. Year to date, the median list price was up 11%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in December, they received 97% on average.

Median Sale Price:
For December 2023, the median sale price of homes in Redwood City was $2,060,938, which is 4% lower month over month and down 6% year over year. As you can see the median list price and median sale prices are nearly identical differing by less than $15,000.

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 homes are priced appropriately on average. However, demand outpaces supply so the Redwood City market currently favors sellers.

As we wrap up our Redwood City real estate market update for December 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!