This was a huge week for Redwood City in terms of new listings, with 21 new single-family homes listed for sale. Yet, inventory once again failed to grow - due to 13 pending sales, an expired listing, and 7 contingent sales (which aren't reflected in pending numbers). This week's data continues to support the idea that buyers are staying highly active in Redwood City.
Only 2 closed sales this past week, and one of the sales seems to have been inputted into the MLS improperly, so our sales data is quite skewed. 1238 Connecticut Drive is sold for $1,950,000 after just one day on the market. MLS shows is as a 980 square foot home, which would have meant that it closed at nearly $2,000 per square foot, a completely unprecedented number. Upon closer review, it looks like that home actually underwent a significant renovation with a 1,000 square foot add on, bringing its actual price per square foot number closer to $1,000. Just goes to show - you can't always take the stats at face value!
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