Market Monday: Redwood City Real Estate Market Update for May 2023

Welcome to the latest Redwood City real estate market update! Each month, for a variety of midpeninsula markets, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and median sales price. In this blog post, we will focus on the data for May 2023 for Redwood City, so you can make informed decisions about buying, selling, or investing in local real estate.

Number of Sales:
In May 2023, the Redwood City real estate market saw a total of 30 sales, a 12% decrease compared to the previous month. The slowing of sales is atypical of this time of year, and as we move through Summer, we will keep an eye on if this trend continues.

Number of Listings:
The total number of listings in Redwood City for May 2023 was 89, representing a 29% increase from the previous month. After a dip this Winter, from the highs of Fall 2022, inventory has steadily been increasing.

Median Listing Price:
The median listing price for homes in Redwood City in May 2023 was $2,150,000, a 8% increase from the previous month. This brings listing price and sale price more in line, which as we note below, signals a balanced market.

Median Sale Price:
For May 2023, the median sale price of homes in Redwood City was $2,100,000, a 7% increase compared to the previous month.

Comparing the median sales 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.

As we wrap up our Redwood City real estate market update for May 2023, it's essential to remember that the local market is constantly evolving. By keeping an eye on these key indicators each month, you can 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!