Welcome to the latest Redwood City real estate market update for November 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 November 2023, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.
Number of Sales:
In November 2023, the Redwood City real estate market saw a total of 31 sales, a 9% decrease compared to the previous month. Sales typically decline in the fourth quarter as new listings and inventory fall.
Number of Listings:
Redwood City had 84 active listings in November 2023, representing a 12% decrease month over month and an 13% decline year over year. Inventory tends to decline from September through January so falling inventory is expected this time of the year.
Median Listing Price:
The median listing price for homes in Redwood City in November 2023 was $2,099,000, a 2% decrease compared to the previous month. Year to date, the median list price was up 12%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in November, they received 99% on average.
Median Sale Price:
For November 2023, the median sale price of homes in Redwood City was $2,150,000, which is 4% lower month over month but up 16% year over year. As you can see the median list price and median sale prices are nearly identical differing by $51,000.
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 facing more competition and sellers are gaining negotiating power. The Redwood City market currently favors sellers.
As we wrap up our Redwood City real estate market update for November 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!
Your source for real estate news on the San Francisco Mid Peninsula
You’ve got questions and we can’t wait to answer them.