It has been 6 months since Redwood City's weekly average sales price came in lower than the average list price. This is on account of 658 Oak Park Way, a luxury listing in Emerald Hills, which sold for $2,850,000 after being listed 29 days earlier for $3,195,000. Pricing high was probably the strategy for this property, as is often the case for higher end properties. Agents will price high to a) weed out buyers who may not be all that serious, and b) to set the standard high for a property they believe is worth top dollar. The other 5 closed sales this week all sold at or above their list price.
The 7 new listings last week wasn't enough to keep our inventory on the upward surge, as 12 sales went pending. Perhaps agents were holding back listings last week to avoid having to host open houses during the Superbowl. We'll look for a rebound in inventory this week.
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