Market Monday: Redwood City Real Estate Market Update for June 2023
Welcome to the latest Redwood City real estate market update for June 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 June 2023, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.
Number of Sales:
In June 2023, the Redwood City real estate market saw a total of 49 sales, a 63% increase compared to the previous month. While sales are down 14% year-over-year, June saw the second highest sales volume in the last twelve months, after June 2022 and inline with August 2022.
Number of Listings:
The total number of listings in Redwood City for June 2023 was 51, representing a 2% increase from the previous month. Inventory continues a slight increase through the Summer selling season, attempting to meet the buyer demand.
Median Listing Price:
The median listing price for homes in Redwood City in June 2023 was $2,195,000, a 5% increase from the previous month. Median listing price increased 10% year-over-year as well. Sellers are responding to the increased buyer activity in the market by increasing the list price.
Median Sale Price:
For June 2023, the median sales price of homes in Redwood City was $2,160,000, a 1% increase compared to the previous month.
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. For now, Redwood City market remains balanced.
As we wrap up our Redwood City real estate market update for June 2023, it's essential to remember that the local market evolves and shifts. Keeping an eye on these key indicators each month helps you can 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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