Market Monday: Redwood City Real Estate Market Update for January 2024

Market Monday - Redwood City

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

 

Number of Sales: 
In January 2024, the Redwood City real estate market saw a total of 14 sales, a 61% decrease compared to the previous month and 13% decline year over year. Sales typically hit seasonal lows in the winter along with inventory and new listings. We expect sales to increase, starting in February, which is the normal seasonal trend.

Number of Listings:
Redwood City had 56 active listings in January, representing a 6% increase month over month and the same inventory level as January 2023. Inventory tends to decline from September through January so inventory rising a month early is a good sign for a healthier spring market.

Median Listing Price:
The median listing price for homes in Redwood City in January 2024 was $1,992,500, a 5% decrease compared to the previous month. Year over year, the median list price was up 3%.

Median Sale Price:
For January 2024, the median sale price of homes in Redwood City was $1,644,500, which is 20% lower month over month and down 12% year over year. As you can see the median list price and median sale prices differ considerably with list price over $300,000 more than sale price.

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 gaining negotiating power. Even though demand is slightly higher than supply, sellers on average are receiving less of list price. In August 2023, the average seller received 102% of list price, whereas in January 2024, they received 95% of list.

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


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