By recent standards, this week saw a pretty significant inventory swing - from 23 active listings 1 week ago, to 36 this morning. The 16 single-family homes we saw listed is the largest weekly influx of homes for sale since the last week of May. This is a welcome sight in Redwood City, where the real estate market has struggled mightily all year to replenish supply. Only once this summer did inventory climb above 40 homes for sale, and more often it has been in the low 30's to high 20's. By contrast, last summer's supply of single-family homes for sale was consistently in the 60-70's, once breaking into the 80's.
The most obvious explanation for this summer's dearth of homes for sale is simply that fewer people are deciding to list their homes and leave Redwood City. No surprise there - Redwood City has undergone quite the transformation over the past several years, and many long-time residents are reveling in the sudden abundance of things to do downtown. Of course, not everyone is thrilled with the amount of development that has come along with Redwood City's renaissance, but for the most part people seem to be happy to sit back and watch their property value appreciate rather than sell their home and start anew. This trend is evident in the market data. 142 single family homes were listed for sale from June-July of 2016, while only 98 were listed for sale over that same period of time this year.
It makes sense, why leave this beautiful city?
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