Redwood City- Market Update

Welcome to the latest Redwood City real estate market update for February 2024! 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 February, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.

Number of Sales:
In February 2024, the Redwood City real estate market saw a total of 27 sales, a 93% increase compared to the previous month and 13% increase year over year. Sales typically hit seasonal lows in January along with inventory and new listings. e expected sales to increase starting in February, which is the normal seasonal trend. Sales will likely continue to climb for the next three to four months.

Number of Listings:
Redwood City had 69 active listings in February, representing a 19% increase month over month and 21% increase year over year. Much-needed new listings rose in January and February, which drove active inventory higher. We expect inventory to continue growing as we enter spring. In Redwood City, demand far outpaces supply so more inventory quickly translates to more sales.

Median Listing Price:
The median listing price for homes in Redwood City in February 2024 was $2,000,000, a 5% increase compared to the previous month. Year over year, the median list price was up 1%.

Median Sale Price:
For February 2024, the median sale price of homes in Redwood City was $2,005,000, which is 22% higher month over month and up 7% year over year. As you can see the median list price and median sale prices were nearly identical in February.

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. We also must take the previous month’s data into account as well because homes often go under contract in one month but aren’t counted as a sale until the next. Comparing the sale price to list price in January and February, we can see that the median sale price in February is higher than the January ask price. Additionally, the average seller in February received 101% of list price — a 6% increase month over month. The market is getting more competitive for buyers and we expect higher list prices and higher sale prices over the next few months.

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