Market Monday: Redwood City Real Estate Market Update for July 2023

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

Number of Sales:
In July 2023, the Redwood City real estate market saw a total of 32 sales, a 36% decrease compared to the previous month. Comparing July 2023 to July 2022, sales are down 35%, which is largely due to the lack of new listings and low overall inventory. New listings peaked in May this year and have dropped 31% from May to July.

Number of Listings:
The total number of listings in Redwood City for July 2023 was 80, representing an 8% decline from the previous month. Inventory typically begins to fall this time of year so we can expect sustained low inventory for the remainder of the year.

Median Listing Price:
The median listing price for homes in Redwood City in July 2023 was $2,047,000, a 7% decrease from the previous month. Year to date, the median list price was up 9%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in July, they received 100% on average.

Median Sale Price:
For July 2023, the median sales price of homes in Redwood City was $2,275,000, a 4% increase both month over month and 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. The Redwood City market currently favors sellers.

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