Another week that saw 14 new listings hit the market, though our inventory only netted a gain of 1 listing. 8 sales closed at an average of 38 days on the market, continuing our trend of longer year-over-year listing duration. While the longer average listing times probably aren't inspiring sellers to put their home on the market, I assure you that this market is much more sustainable than what we saw in 2015. While prices are still high, they aren't being bid up at the rate they were in 2015, when buyers often felt they needed an all-cash non-contingent offer to even compete. The seller-buyer playing field has been leveled a bit, and that isn't a bad thing.
In other news, Redwood City officially recorded its first $5 million+ sale this past week. 1090 Lakeview Way - a brand new 5,350 S/F mansion built right on Upper Emerald Lake - sold for a whopping $5,575,000. No home has ever sold for more than $4.5 million in Redwood City, let alone $5.5 million, and of the 4 that have sold over $4 million (including this most recent), 3 of them were on Lakeview Way. What does this mean for Redwood City real estate? Probably not much. If it is setting a precedent, it's only for brand new lakeside construction on 40,000 + S/F lots - of which there is a very limited supply.
No comments:
Post a Comment