Inventory had dropped down to 27 listings by the end of the day yesterday. Fortunately, we've already seen 5 new listings hit the market today (Monday), so we're right back up to 32 homes for sale.
I try not to jump to too many conclusions based off of weekly sale price numbers since they can fluctuate so greatly, but looking at data from the last 2 and a half months it is clear that our average sales price is climbing fast. In February of this year, Redwood City's average sales price for single family homes was $1,357,475. In March, that number grew to $1,588,845, and so far in April we're looking an an average of $1,784,611. That's 31.5% growth in a span of just a couple months.
ECON 101 - if supply remains unchanged while demand grows, prices adjust upward. Our supply of homes for sale has not increased at all from what it was at the beginning of February. Meanwhile, buyers are coming out in greater numbers as the Spring home buying season kicks into gear. With this in mind, it comes as no surprise to see our prices growing at such a remarkable rate.
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