The first quarter of every year is always an interesting and significant one when it comes to the real estate market. It really sets the tone for the rest of the year and will often be the motivating force for someone to buy, sell, or remodel their home.
As we approach our 4th solid year of rising real estate prices, many buyers are rushing to get into something before prices go up anymore and sellers may feel like the clock is ticking to sell their house for record prices. People who are thinking about remodeling are also rushing to refinance while interest rates are at all time lows and prices are at all times high. This is why it seems like there are homes undergoing renovations on almost every block right now in Redwood City.
Below is a snapshot of the numbers so far this quarter and how it compares to the first quarter of 2015. Stay tuned for a complete analysis once all of the numbers for Q1 2016 are in later this month.
Points of interest
- In the first quarter there were 10% less new listings than in the first quarter of last year
- There were 20% less sales
- $2M+ homes represented 14% of all sales, which is quite a bit more than last year, which was at 8%.
- Homes are being listed 9% higher on average than they were last year
- The average sale price of a home in RWC is 8% higher than it was last year
- The average dollar per square foot price is 9% higher.
- Homes are still selling over asking on average, but only by 6.8% verses 9.5% last year
Cliff Whearley has been a resident of Redwood City for 23 years. He is a Realtor at Dwell Realtors, Inc. and has been practicing real estate since 2007. If you have any real estate questions, he would love to help!