After an impressive month long spree of each week bringing double digit new listings to the Redwood City real estate market, it seems things have cooled off a bit. After peaking at 63 active homes for sale 2 weeks ago, inventory has dropped back down to 48, thanks in large part to this past week's 17 pending sales.
Buyers are out in force, and it is reflected in our sales numbers. Despite the lower average sales price this week, homes sold at an average of nearly 20% over their asking price. What's even more impressive is that these homes were on the market for an average of 16 days, which means they went into contract while our inventory was highest. So even when our supply of homes for sale was peaking, competition was still enough to drive sales nearly 20% over the ask price. The lower average sales price is simply representative of the size and neighborhood of the 5 homes that sold, rather than a pullback in prices.
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