For the second straight week, the average days on market for closed sales was just 12 days. This, along with a strong sale to list ratio and high price/SF would seem to suggest that the demand for Redwood City real estate has for the most part been able to keep up with surging inventory.
We'd be jumping the gun a bit to say that demand has fully caught up with inventory after just two weeks of quick closes, but the numbers seem to support this line of thinking. Despite our recent surge in inventory, our sales statistics have yet to see a significant drop off. To put things into perspective, lets look at this week's stats next to stats I published on 6/14 of last year:
Average sales price: This week - $1,576,600, last year - $1,374,350
Price per Square Foot: This week - $968, last year - $771
Sales to List Ratio: This week - 108.1%, last year - 113.8%
Average Days on Market: This week - 12, last year - 10
*These numbers can change dramatically on a week to week basis, and just last week I was discussing how our lower average sales to list ratio was probably indicative of bidding wars becoming less frequent. Still, the fact that we have yet to see any sustained drop off in our sales numbers despite inventory more than doubling in the matter of just a couple of months, is a testament to the strength of demand for Redwood City real estate.
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