For the last two months, home prices in Redwood City have edged right up to the $1.2 million mark but have yet to go over it. The median list price for homes here in both January and February 2015 was $1,199,000.This figure is up 29 percent from February 2013, when the median list price was $928,500. Since that time, home prices have risen steadily, first passing $1 million in May 2014 and never dropping below it since. The $1,199,000 in the last two months was the highest in more than two years.
Median list price gauges the value sellers are placing on their homes. It provides a good indication of the overall price movement within a given market or community.
Decrease in homes sold last two months
Interestingly in both January and February, 24 single-family homes were sold, the lowest number since the beginning of 2013. Recent months with the most sales included July 2014 and July 2013 (71), June 2013 (68) and May 2013 (66).
Although the same number of units were sold in each of the first two months of this year, we saw quite a difference in the amount of time those homes spent on the market. January’s 24 homes had been listed for an average of 29 days before being bought. The 24 homes sold in February lasted only 10 days, the lowest average days of any month in two years.
Aside from February, the monthly average days on the market has ranged from 16 in June 2013 to 48 in December 2013.
Buyers paying more
The median sold price of homes tells us in what price range, among all available home prices, buyers are focused on. In February, this figure was $1,312,500, the highest monthly median in several years. In the last 12 months, only twice has the median sold price dropped below $1 million – in April and September.
Over the next year, we should see list prices continue to rise, although probably not as rapidly as in some other Silicon Valley communities. As to the speed at which homes are purchased, the 10 average days on the market in February may point to a more aggressive buying season ahead.