Homes are still selling very quickly, and at well over the asking price, despite the past month's sudden spike in inventory. This would seem to suggest that the gap between supply and demand is still being filled. In fact, if anything our sales numbers have only gotten hotter since inventory began its recent surge. 3 of the past 4 weeks of closed sales recorded an average of over $1,000 per square foot. Over that same period of time, 34 sales closed at an average of $1,647,888, which was 9.125% higher than the average asking price.
During a period of sustained inventory growth, you would normally expect sales numbers to cool off as competition among buyers is spread out across a larger supply of homes. In Redwood City however, where inventory has been so low for so long, the demand for real estate has been more than enough to keep competition among buyers high, even as inventory doubled over the course of one month.
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