This was the first week in almost seven months that Redwood City's average sales price for single-family home sales registered lower than their average list price. The significance of this is limited by the fact that there were only 4 closed sales last week, but 3 of those 4 sales sold below their original list price.
Is this a sign of a potential market slowdown on the horizon for Redwood City real estate? Not likely - we just closed the month of July out with an average sales price of $1,641,738, and an average price per square foot close to $1,000. Even in a competitive market, homes can be priced too high, and there can be momentary lulls in buyer activity. Also, higher end real estate can be much harder to price, especially in a city like Redwood City which is still trying to establish its role in the mid-peninsula luxury market.
Until there is evidence of a trend developing, I'll chalk this week up as an anomaly.
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