Just like last year, this inventory that was lost over Labor day weekend was recovered the following week. We jumped right back up to 60 homes for sale, after falling from that number to 50 the week prior.
Homes are definitely selling at a much slower pace than they were last year, which could make for a much more hospitable market for buyers this Fall season. Our average days on market for closed sales so far in the month of September is 41 days, compared to 23 days in September of '15. Buyers aren't feeling the same sense of urgency they felt last year, and they may stop by an open house 2 or 3 times before ultimately deciding to make an offer. We've certainly noticed this trend in Redwood City over the past couple of months. While it is no cause for alarm, it does require a bit more patience on the part of the seller, and diligence on the part of the listing agent to try to reel in buyers who may still be on the fence.
If inventory stays at this level or higher throughout the Fall season, sellers who have been on the market for some time will begin to feel pressure to get a deal done, which could lead to more flexibility in the terms of the purchase contract.
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