For the first time since April of 2012, the Redwood City real estate market saw a month where the average sales price was lower than their average list price. September's sales to list ratio came in at 99.6%, which at an average sales price of just over $1,700,000 for the month, means that listings were selling at an average of around $30,000 below their original list price. We're continuing the trend so far in October, with our first 12 sales of the month closing at an average of almost $40,000 under their list price. This doesn't come as a surprise, as sellers have been experiencing this market shift for a while now. But what IS remarkable, and I would venture to guess is almost unprecedented in any US real estate market (no data to back this up), is for a city to go 88 consecutive months with a sales to list price ratio above 100%. To put things into perspective - the last time our average sales to list price ratio fell below 100%, the average sales price of a home in Redwood City was just under $700,000... Single-family home values have increased at an average of roughly $130,000/year since then. Let that sink in...
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