It's post-Christmas and inventory is very low. Under normal circumstances this would mean more competition and higher prices, but during the holiday season buyers tend to be just as absentee as sellers. This is evidenced by the fact that the 16 listings that are active in RWC right now have been on the market for an average of 46 days. That's 27 more than RWC's year-to-date average of 19! From San Mateo to Menlo Park, there are only 34 total active listings, but 24 of them have been on the market for 30+ days!
And the buyers that are out there shopping are having their way. The 3 sales that closed in RWC this past week, closed at an average sales price that was just below the average list price - an occurrence that has become very rare in the Redwood City real estate market.
The takeaway from all this is that the sellers who are out there are getting anxious, which is advantageous to you, the buyer. They are worried about how long their home has been on the market, and they want to sell before a wave of fresh listings inevitably hits the market mid-January. Sure, there is less to choose from right now, but if you find the house you like you'll be in good shape.
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