Redwood City- Market Update

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

Number of Sales:
In March 2024, the Redwood City real estate market saw a total of 27 sales, which was the same as the previous month and one more than March 2023. Sales typically hit seasonal lows in January along with inventory and new listings. We expected sales to increase meaningfully in March, which is the normal seasonal trend. Sales will likely continue to climb for the next three months.

Number of Listings:
Redwood City had 81 active listings in March, representing a 13% increase month over month and 33% increase year over year. Much-needed new listings rose considerably throughout Q1 2024, 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 March 2024 was $2,000,000, which was the same as the previous month. Year over year, the median list price was up 3%.

Median Sale Price:
For March 2024, the median sale price of homes in Redwood City was $2,198,000, which is 10% higher month over month and up 16% year over year. As you can see the median sale price was nearly $200,000 higher than median list prices in March, a 10% difference.

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 the market is getting more competitive for buyers and buyers are paying more than list price. The average seller received 107% of the list price in March — a 6% jump month over month.

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