Redwood City Condo Price Report

The following graphs represent data from under contract (aka pending sales) and sold condominiums and townhomes in the city of Redwood City only. Please click on the graph for a full browser view.

Median Sold Price Per Month

Chart Explanation: This chart shows the “middle” price point of a group of properties that have successfully Sold (i.e., closed escrow) each month, i.e. half sold for more and half sold for less than the median price. Tracking the movement of median prices over time provides a good visual indicator of the direction market forces are moving prices.

The trend line is a series of measurements over time (e.g. months). A trend line can be a very helpful tool for indicating the overall direction during the time period involved. An upward sloping trend line indicates an increase the Median Sold Price; a downward sloping trend line indicates a decrease in the Median Sold Price; a flat trend line indicates there is very little change in the Median Sold Price.

The percentage columns in the grid below the chart compare the beginning month of the report time period to the ending month. The arrow points up if the change value is positive (shown in green text) and down if the change value is negative (shown in red text). A double-ended horizontal shape displays if there is no percentage change.

The Number of Sold Properties by Month

Chart Explanation: This chart shows the number of properties sold (closed escrow) each month for the last 25 complete months. Real Estate Professionals monitor this metric carefully to identify trends in the rate of demand for properties. An upward sloping trend line indicates an increase in what is being measured; a downward sloping trend line indicates a decrease in what is being measured; a flat trend line indicates there is very little change in what is being measured.

The Number of For Sale Properties By Month

Chart Explanation: An upward sloping trend line indicates an increase in the Number of Properties for Sale; a downward sloping trend line indicates a decrease in the Number of Properties for Sale; a flat trend line indicates there is very little change in the Number of Properties for Sale.

The Number of Under Contract Properties by Month

Chart Explanation: This chart shows the total number of properties where a buyer and a seller have come to an initial agreement during each month for the last 25 complete months. These properties are considered “in escrow”. Real Estate Professionals monitor the number of Properties Under Contract as an early indicator of changes in the level of demand for properties. Because properties can take THIRTY (30) or SIXTY (60) days to close escrow, the number of Properties Under Contract is an early indication of changes to future demand as measured by “Number of Properties Sold”.

An upward sloping trend line indicates an increase in the number of Properties Under Contract; a downward sloping trend line indicates a decrease in the number of Properties Under Contract; a flat trend line indicates there is very little change in the number of Properties Under Contract.

The Number of New Properties Listed by Month

Chart Explanation: This chart shows the number of New Properties that came onto the market for the first time each month for the last 25 complete months. Real Estate Professionals monitor the Number of New Properties on the Market to identify any changes in the supply of properties. A large increase in supply can be an early warning that prices may fall (particularly when matched by any decrease in demand). Conversely, a significant drop in the number of New Properties for Sale may indicate a future increase in price levels.

An upward sloping trend line indicates an increase in the number of New Properties coming onto the market; a downward sloping trend line indicates a decrease in the number of New Properties coming onto the market; a flat trend line indicates there is very little change in the number of New Properties that have come onto the market.

Supply & Demand by Month

Chart Explanation: This chart reflects the nature of supply and demand for the criteria chosen. It provides valuable insight into current market conditions because imbalances in supply and demand will have a significant impact on pricing. When Supply is greater than Demand, prices are often pushed downward. When Demand approaches Supply, prices are maintained or can be moved higher.

Trends in Supply and Demand can help Real Estate Professionals to forecast future changes to prices. For example, a rising supply coupled with falling demand leads to an over supplied market that usually generates downward pressure on prices. In real estate this is called a “Buyer’s Market” and the trend lines will tend to diverge. A Falling supply, coupled with high demand, tends to move prices upward. This is called a “Seller’s Market” and the trend lines will be seen converging. The hallmark of a balanced market is when supply & demand are in a state of equilibrium. Under these conditions the trend lines will be running in parallel.

Average Days on Market

Chart Explanation: This chart shows the number of days (on average) that properties were on the market before their owners accepted an initial offer. This metric is used by Real Estate Professionals to monitor the speed and decisiveness of the market. In markets where this metric is below THIRTY (30) days, the market is considered to be “Fast”. Slow markets can be identified by NINTY (90) days and longer measures.

Note: This metric only measures the days that it takes for a a reasonably priced property exposed to the real estate market to draw an offer and will have no bearing on the amount of time that a property that is priced above or below the market will typically wait to attract a reasonable offer.

Months Supply of Inventory

Chart Explanation: This report is a measure of how long it would take, in months, to sell the existing inventory available on the market at the current rate of sale. Real Estate Professionals use Months Supply of Inventory to measure the balance, or health in a specific market. The absolute value of this index provides an indication of whether the market can be considered a “Buyer’s Market”, a “Balanced Market” or a “Seller’s Market”. A Months Supply of Inventory index level at, or below THREE (3) months is often referred to as a “Seller’s Market” since there is relatively little inventory available to meet demand. In a “Seller’s Market” prices are often bid up since there may be competing offers for the same property. Conversely, a Months Supply of Inventory index level at, or above SIX (6) months is often referred to as a “Buyer’s Market” since there is plenty of inventory available to meet demand. In a “Buyer’s Market” prices may need to be managed downward since there is an abundance of supply for the level of demand. Months Supply of Inventory between THREE (3) and SIX (6) months is often considered a “Balanced Market” with a reasonable level of inventory available to meet demand.

The formula for Months Supply of Inventory is: The number of properties that were on the market on the last day of the month divided by the number of properties where an offer was accepted during the month.

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This report is compiled monthly and will be updated on this page. If you’d like to receive The Redwood City Real Estate Price Report for single family homes via email every month, please fill out the form below.

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Questions About the Redwood City Condo Price Report?

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How’s the Real Estate Market in YOUR Neighborhood?

As you’ve been reading on our blog, LivingWellinSanMateo.com, all real estate is local. The real estate market will be different from neighborhood to neighborhood in the same city. If you’re interested in the real estate market activity around your condo, our Market Snapshot tool is for you.

To get a “Snapshot” of the real estate market in your neighborhood, or a neighborhood you’re looking to move to (this report works great for buyers too), please fill out the form at www.PropertyValuesNow.com. This report will reveal what recent buyers were willing to pay for your neighbors’ homes, properties currently listed for sale, market statistics and community information. View a sample neighborhood market report.

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