Updated April 23, 2018
Market Snapshot – Redwood Shores (Recent Sales here)
Because of the relatively small number of single family homes that sell each month in Redwood Shores, the impact of an outlying sale, or a month without sales can skew the sales data. This is reflected in the graphs below, yet Redwood Shores continues to mirror the overall market trend in the Bay Area, with prices trending upward this past year. The nearly 300% spike in sale price indicated below is explained by the fact that no homes were sold in February or March of 2017, greatly affecting the rolling 3 month average.
The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.
Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.
Here are the numbers for March 2018. If you are curious about your Redwood Shores home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.
|Mar-18||% Change Year Over Year Rolling 3 Month Average|
|Median Sales Price ($USD)||$2,075,000||294.1%|
|New Listings (#)||3||125.00%|
|Homes Sold (#)||5||800.00%|
|Months of Inventory||0||N/A|
|Median Days on Market (DOM)||5||687.50%|
|Average Days on Market (DOM)||7||712.50%|
Median Sales Price – Redwood Shores SFR
Ratio of List Price to Sold Price (Overbids) – Redwood Shores SFR
Number of New Listings vs Sold Listings, Redwood Shores SFR
Months of Inventory – Redwood Shores SFR
Median and Average Days on Market (DOM) – Redwood Shores SFR
Redwood Shores Single Family Home Closed Sales since 1/1/2018
|Street Address||Close Date||Price/SqFt||Sale Price||RATIO Close Price By List Price||DOM||Beds Total||Bths||Sq Ft Total||Lot Size|
|16 Barcelona Circle||3/29/18||1,053.30||$2,075,000||1.123||5||3||2|1||1,970||4,360 Lot SqFt|
|15 Channel Drive||3/11/18||862.75||$2,200,000||1||2||4||3|0||2,550||4,967 Lot SqFt|
|516 Cringle Drive||3/30/18||1,157.23||$1,840,000||1.154||14||4||2|0||1,590||6,800 Lot SqFt|
|248 Monaco Drive||3/27/18||959.18||$2,350,000||1.026||9||4||3|0||2,450||6,317 Lot SqFt|
|106 Moonbeam Lane||4/12/18||931.37||$1,900,000||1.056||19||4||2|1||2,040||3,217 Lot SqFt|
|12 Riviera Circle||1/8/18||843.37||$2,100,000||1.117||8||4||2|1||2,490||4,784 Lot SqFt|
|5 RIVIERA Circle||2/16/18||964.47||$1,900,000||1.188||8||3||2|1||1,970||4,000 Lot SqFt|
|2039 Seabrook Court||1/22/18||755.64||$2,950,000||1.021||88||5||5|0||3,904||7,030 Lot SqFt|
|812 Seal Pointe Drive||3/2/18||1,000.00||$2,020,000||1.074||5||3||2|1||2,020||4,510 Lot SqFt|
|305 Starfish Lane||4/6/18||1,141.73||$1,450,000||1.075||20||2||2|1||1,270||2,580 Lot SqFt|
|89 Waterside Circle||2/23/18||779.25||$1,825,000||0.918||12||4||3|1||2,342||3,980 Lot SqFt|