Welcome to the latest Redwood City real estate market update for June 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 June, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.
Number of Sales:
In June 2024, the Redwood City real estate market saw a total of 42 sales, which was four more than the previous month but eight less than June 2023. Sales typically hit seasonal highs in June so we expect sales to decline in the second half of the year. New listings fell month over month, which is a good indicator that sales will decline in the coming months.
Number of Listings:
Redwood City had 88 active listings in June, representing a 5% increase month over month and was the same year over year. Much-needed new listings rose considerably in 2024, which drove active inventory higher. Inventory reached its highest level in 2024 in June.
Median Listing Price:
The median listing price for homes in Redwood City in June 2024 was $1,999,500, which was 9% lower than the previous month. Year over year, the median list price was down 7%.
Median Sale Price:
For June 2024, the median sale price of homes in Redwood City was $2,000,000, which is 14% lower month over month and down 8% year over year. As you can see the median sale price was nearly identical to the median list prices in June.
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 generally priced well but the market is competitive. Buyers are paying higher than list price, and the average seller received 104% of the list price in June.
As we wrap up our Redwood City real estate market update for June, 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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