Redwood City - Market Update

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

Number of Sales:
In August 2023, the Redwood City real estate market saw a total of 35 sales, a 9% increase compared to the previous month. Comparing August 2023 to August 2022, sales were the same, which is particularly impressive given the large reduction in inventory.

Number of Listings:
The total number of listings in Redwood City for August 2023 was 81, which is the same as the previous month. Inventory remaining the same is actually a good thing for the perennially undersupplied Redwood City market. To be clear, however, inventory is still historically low. New listings peaked in May this year and have dropped 29% from May to August.

Median Listing Price:
The median listing price for homes in Redwood City in August 2023 was $1,998,000, which is the same as the previous month.. Year to date, the median list price was up 7%, which reflects sellers’ growing negotiating power. At the start of the year, the average seller received 91% of list price, whereas in August, they received 102% on average.

Median Sale Price:
For August 2023, the median sales price of homes in Redwood City was $2,150,000, a 6% decrease month over month and 2% decrease year to date.

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 August 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!