Since labor day, the unofficial marker of the end of summer, there has been an inundation of new listings in Redwood City. With 19 new listings last week, and 24 this past week, total active inventory of single-family homes for sale in now up to 73. For some reason this trend is typical for this time of year. It almost runs a counter-intuitive. You'd think that families would have more time during the summer to deal with selling their home and moving, rather than this time of year when school gets back in session. Whatever the reasons, the market has been heartily restocked with new options for buyers hoping to find a home in Redwood City. We'll see how the market reacts, and whether or not their is enough of a demand to keep up with supply.
Monday, September 9, 2019
Despite a week shortened by Labor Day Monday, the Redwood City real estate market saw a sudden flood of new homes listed for sale last week. 19 single-family homes were listed for sale in just a 6 day span, which is a welcome sight to buyers as inventory had begun to grow a little stale, with the average age of active listings growing to over 40 days.
FUN FACT: For those of you who didn't know, Tuesdays are Broker Tour in San Mateo County, which is essentially open house for Realtors. It's a designated day during the week for us to tour all the new inventory that hit the market the previous week, and let our clients know if it's something they might be interested in so they can either set up a private showing or view it at open house on the weekend. 19 new listings means a busy day of touring for yours truly and the RealSmart team!
Tuesday, September 3, 2019
The holiday weekend didn't seem to hamper listing activity too much last week, as 8 new single-family homes were listed for sale. Still, inventory dropped as 5 listings either expired or were cancelled after spending a good amount of time on the market.
In the meantime we continue our trend of homes selling right at their list price. We closed the month of August with a sales price to list price ratio of 100.6%, keeping prices fairly static for the time being.
Monday, August 26, 2019
With another week of sales coming in under their original list price, the sales price to list price ratio for the month of August is now right at 100%. Our average days on the market for the month has also inflated to 40 days, from 24 days in July. Yet despite the evident slowdown in the Redwood City real estate market, prices have remained fairly stable throughout the year, which I suppose would be consistent with a 100% sales to list ratio. We haven't seen any growth, but prices have plateau'd around $1,650,000 - $1,700,000 for much of the year, with a couple spikes in between.
Monday, August 19, 2019
Four of last week's 6 closed sales came in under their original list price, bringing our sales to list price ratio below 100% for the 3rd time in 4 weeks.
While days on market have been trending a bit higher, this week's numbers are skewed by one listing which sat on the market for 297 days before selling. Take that listing out of the equation and our average DOM would be right around 31 days.
Lower inventory has not translated into more competition and shorter time on the market as one might expect. At least not yet. We'll see if this changes as we close out the summer season.
Monday, August 12, 2019
Another week went by with the average sales price coming in just under the average list price, with 5 of the week's 8 closed sales going for less than their original list price. That's two times in the last previous 3 weeks. These 8 homes also sat on the market for an average of over a month, providing some insight as to why these sellers eventually decided to accept an offer under their list price. We're definitely looking at a market in 2019 that requires some patience, and in certain situation, some compromise on the part of sellers. Something we haven't really seen much of for the past 5-6 years.
Monday, July 29, 2019
4 out of 10 closed sales came in at under the list price, with one higher-end listing selling for almost $300k under the original list price. It isn't uncommon for the higher end market to sell under list, in fact, a common strategy for selling luxury homes is to list high and negotiate down to a more realistic price. Though I can't say for certain that's what happened here, but the home in question, 37 Nevada Street, a 1,660 square foot 4BD/3BA house, still sold for $2,100,000, coming in at a whopping $1,265 per square foot.