Here we are nearly 5 full months into the year and inventory has yet to see any real sustained growth. New listings are hitting the market with slightly greater frequency than they were at the beginning of the year, but not enough to keep pace with the seasonal upticks in buyer demand. Our current active total of 34 single-family homes for sale is just over half of the 60 that were on the market this time last year.
The explanation for tighter seasonal inventory totals is simple - more people want to move to Redwood City than are ready to leave it. In order for demand for Redwood City homes to be met, more people must be ready to sell and leave RWC behind. That, or more homes need to be built... but there is little chance we'll see enough single-family home construction (in an already densely populated suburban area) to address demand in any meaningful way.
If you're a buyer in this market, having a Realtor who can open you up to off-market opportunities is paramount. Seeing properties before they go on MLS is your best chance at getting ahead of the competition, and potentially getting an offer in before anyone else. If you're looking for a home and would like to have access to the many off-market opportunities RealSmart is able provide for our clients, feel free to reach out.
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