Redwood City Market Overview | 1st Quarter 2015
I would like to invite you to preview the single family home market overview for Redwood City in the 1st quarter of 2015 versus the 1st quarter of 2014. Please find below a table of sales data showing you the comparison.
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As compared to last year’s 1st quarter, there are significant increase across the board on the home prices in Redwood City in the 1st quarter of 2015. This is evident as we look at the average sales price and median sales price which had increase 23% and 38% respectively in the 1st quarter of 2015 as compared to the 1st quarter of 2014. In addition to the comparison of average and median sales price, there is also a significant increase in the total sales volume between 1st quarter of 2015 ($132 Million) vs. 1st quarter of 2014 ($115 Million) as well as the average sales over list price percentage which had doubled. The highest price home sold in the 1st quarter of 2015 in Redwood City was $3,300,000, and the lowest price home sold in the 1st quarter of 2015 in Redwood City was $435,000.
For those of you who are not familiar with the MLS area, Belmont consists of 5 MLS areas:
Area 330 – Dumbarton
Area 331 – Lenolt
Area 332 – Hogan Ranch
Area 333 – Central Park
Area 334 – Highschool Acres
Area 335 – Farm Hill Estates
Area 336 – Emerald Hills
Area 337 – Clifford Heights
TOP PERCENTAGE GAIN IN AVERAGE SALES PRICE – 1st quarter of 2015 in Redwood City
Homes in the neighborhood area of Farm Hills Estates (MLS area 335) has the highest percentage gain in average sales price of 50%, an increase from $1,183,094 in 1st quarter of 2014 to $1,773,750 in 1st quarter of 2015. Cordilleras Heights/Emerald Hills (MLS area 336) has the second highest percentage gain of 26% in average sales price, $1,494,238 in 1st quarter 2014 versus $1,880,556 in 1st quarter of 2015. The third highest percentage gain is the Central Park neighborhood (MLS area 333) which has a gain of 20% in average sales price from $920,038 in the 1st quarter of 2014 to $1,104,530 in the 1st quarter of 2015.
TOP VALUATION PER SQUARE FEET – 1st quarter of 2015 in Redwood City
In the 1st quarter of 2015, the neighborhood Horgan Ranch (MLS area 332) has the highest price homes sold per sq ft. Coming in second is located in the Farm Hills Estates (MLS area 335) and third is in Central Park neighborhood (MLS area 333).
No.1 – 1218 W Shelby Lane: This picturesque home features 1,050 sqft of living area with 1 bedrooms and 1.5 bath plus a detached guesthouse with a 1 bedroom and 1 full bath on a 8,470 sqft lot was sold for $1,400,000 which is $1,498 per sq ft.
No.2 – 725 Holly Hill Ct: This home features 1,400 sqft living area on a 9,500 sqft lot was sold for $ 1,700,000 which is $ 1,214 per sqft.
No.3 – 2766 Kensington Rd: This remodeled home features 1,020 sqft of living area with 3 bedrooms and 1 full bath on a 6,050 sqft lot was sold for $ 1,221,000 which is $ 1,197 per sqft.
THE TOP NUMBER OF SALES TRANSACTIONS
In the 1st quarter of 2015, in the neighborhood of Central Park (MLS area 333) has the most sales transactions at 27; followed by Cordilleras Heights/Emerald Hills (MLS area 336) with 18 and third in Horgan Ranch (MLS area 332) with 14 sales transactions.
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