New inventory is hitting the market fast, with 65 homes being listed in Redwood City in just the last 3 weeks. The elevated inventory doesn't seem to be having too much of an effect on prices or days on market yet, and our open houses at our Redwood City listings have all been steadily busy lately. Buyer activity remains strong, but should inventory continue to swell, I'd expect prices to plateau and homes begin to sit on the market a little longer.
Monday, May 13, 2019
Another strong week of activity, with a high volume of new listings and pending sales. Our 9 closed sales for the week registered at a whopping $2,100,000+, with 6 of the 9 sales coming in at above $2 million. We're starting to see more of these $2 million homes in the Mt. Carmel and Woodside Plaza neighborhoods, as opposed to just Emerald Hills and Edgewood Park. And for the second straight week, our average days on the market came in at just 13. As is typical for the Spring market, things have certainly heated up from winter.
Monday, May 6, 2019
After skipping last week's update (sorry!), this week gave us plenty to talk about. A whopping 22 new listings hit the market, with 14 going into contract. Our 18 closed sales are also an unusually high weekly volume, which makes our average sales price of $1,925,444 with just an average of just 13 days on market that much more impressive. It was one of the stronger weeks of sales that we've seen for quite some time, but with inventory continuing to surge, I would expect things to slow down a bit in the coming weeks. Then again, maybe this is the Spring buying season in full effect... Stay tuned!
Monday, April 22, 2019
Despite the holiday weekend, 14 new listings hit the market last week. It seems agents weren't too concerned with the Easter festivities interrupting their open house traffic. That, or they're just rushing to get their listings on the market earlier in the Spring before inventory swells any further.
At 66 active single-family homes for sale, we currently have over double the amount of inventory we had this time last year - a boon for buyers, as this well help spread out competition in a season which is typically marked by heavy buyer activity.
Monday, April 8, 2019
As we head into the Spring season, more and more homes are hitting the market each week. 18 new listings this week, and 15 the previous. Spring is generally a popular time to sell, and so far this year is no different. So far demand has been able to keep up - homes are selling fairly quick, and at a healthy sales to list price ratio. We aren't aren't seeing the same number of price reductions that we were seeing at the beginning of the year, so that's encouraging as well.
I wouldn't expect a Spring season of breakneck price growth like what we had become used to the past several years. What we are experiencing right now is a much more sustainable rate of growth, we'll see if it persists.
Monday, April 1, 2019
Inventory seems to have stabilized a bit as we head into the spring season. This is partly because we're seeing a fairly healthy turnover rate for our listings, with more than 10 homes pending sale each week in the month of March. This is an encouraging sign as we head into what is typically the strongest season for real estate in terms of general market activity and price growth. We'll see if the market heats up as the Spring market progresses.
Monday, March 18, 2019
Two more listings from 2018 sold this past week, which leaves just 8 more homes originally listed last year on the market. If you take out those two sales from this week's statistics, our average days on market would drop down to just 17.5.
A lot of new inventory came on the market last week, but the good news is that new listings appear to be selling at a fairly quick pace. So far buyer activity has been enough to keep up with surging inventory.