With 4 months already in the books, the Redwood City real estate market has finally eclipsed 40 active single family homes for sale - a mark that we hit over a month earlier in the 2016 market. In fact, by May 1st of last year we already had over 60 active listings.
As I look for inventory to climb back to levels that feel familiar or appropriate, it is becoming clear that while fluctuations in inventory do tend to still follow familiar patterns, our average total number of homes for sale is shrinking year-over-year. The most obvious reason for this is simply that not as many people are selling their homes. Through the first four months of 2017 we've seen about 30 fewer new listings that we did over that same time in 2016.
The other likely reason, which is a bit more difficult to quantify, is that demand has been persistent even as our prices continue to grow. Take this week for example - 12 sales closed at an average of $1.9 million! Even at such a high price, these sales closed at an average of just 13 days on the market - pointing to the rampant demand for Redwood City real estate, even at the higher price points.
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