The road to replenishing inventory in Redwood City saw a bit of a hiccup this past week, as only 6 new single-family homes were listed, while 10 went pending. This week may not yield much in the way of new listings either, with the long weekend ahead of us and many families likely headed for the snow. Not that President's Day is a holiday known for halting open house activity like Christmas or Thanksgiving, but the massive amounts of snow Tahoe has received this year could drive more people to the mountains than usual, potentially compelling a few fellers to hold off on listing their homes until next week.
What this week's market statistics will not reflect, is that RealSmart has been active selling homes off the market in Redwood City. We went into contract on two homes in Redwood City last week before listing them on the MLS. One on Ohio Avenue in Woodside Plaza, and another on Lakeview Way in Emerald Hills. When inventory is low, as it is now, we often find buyers are eager to jump at off-market opportunities. So this time of year typically sees a greater amount of off-market activity. Once inventory picks up, buyers feel less urgency and it can become more difficult to motivate someone to preemptively make an offer at the price you're looking for.
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