Inventory finally pumped the brakes this week, helped along by 18 homes going into contract for sale. But it was an unimpressive week for the 7 closed sales, which came in at an average of 2.8% below their list price after sitting on the market for an average of almost a month. These are numbers that have grown more familiar in the Redwood City real estate market over the past several months, as the market has shifted considerably from what we grew accustomed in recent years. That said, this doesn't mean our market has completely pivoted from a seller's to buyer's market. Despite a slight decline in average sales price over the past couple of months, our prices are still on par with 2018 prices. Sellers just have to be prepared to do what most of the rest of the country does when they sell their home - be patient.
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