Redwood Cityâ€”Hit Harder by Housing Woes
Redwood City California may have the best weather as advertised by the cityâ€™s slogan â€œWeather Best by Government Testâ€, but what it offers in weather it lacks for in housingâ€”stability.
Redwood City has long been known for having a more volatile housing market. With a population of 77,000â€”double that of nearby townsâ€”its housing affordability depends a lot on where in the city one lives.
Three zip codes separate different areas of Redwood City and last month the median selling price ranged from $480,000 in zip code 94063 to $1,045,000 in nearby 94062.
This graph illustrates the monthâ€™s supply of home available for sale. While the adjacent town of San Carlos has only 2.9 months of inventory Redwood City has 5.6.*
With a median price of only $885,000 as compared to San Carlos at $1,077,000, itâ€™s easy to see why many people choose to purchase a home in Redwood City, but when the market changes, as it did last year, certain areas get hit hard.
Itâ€™s somewhat akin to buying a home on a busy street. When itâ€™s a strong sellers market with competing offers for every home, selling a home on a busy street isnâ€™t so difficult. Yet when it was a buyerâ€™s market those homes are often the last to sell and they sell for disproportionately less than their cul-de-sac counterparts.
*The monthâ€™s supply of housing is the inventory divided by the homes selling per month. All data was retrieved from the San Mateo County MLS Prolisting.
As always you can see monthly updated graphs on our web page at MorganHomes.com