The short week brought a sizable haul of new listings, picking up some of the slack from the previous week's single digit showing. For perspective, this time last year, inventory had dropped down to around 30 single-family homes for sale.
With a decent sample size of 13 sales this past week, our numbers were rather eye popping. Homes sold at an average of almost 15%, or over $200,000 more than their list price this past week. The $1,268 price per square foot was also a noticeable jump from the mean. While I have heard rumblings of slower open houses and fewer offers on listings over the past several weeks, this clearly hasn't reflected in our sales numbers yet. Of course, it's possible for the market to "cool off" in Redwood City, while still remaining highly competitive in relation to other markets. Getting 4-6 offers on your home as opposed to 8-10 is still enough to drive up the price.
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