Redwood City - Market Update

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

Number of Sales:
In October 2023, the Redwood City real estate market saw a total of 34 sales, a 6% increase compared to the previous month. Sales often increase in October as buyers rush to complete the transaction before the holiday season.

Number of Listings:
Redwood City had 93 active listings in October 2023, representing a 9% decrease month over month and an 11% 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 October 2023 was $2,150,000, a 3% increase compared to the previous month. Year to date, the median list price was up 15%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in October, they received 101% on average.

Median Sale Price:
For October 2023, the median sale price of homes in Redwood City was $2,240,000, which is 20% higher month over month and up 12% year over year. As you can see the median list price and median sale prices are differed by $90,000.

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, which is largely true. The Redwood City market currently favors sellers.

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