My last update was the week before Christmas, so this update includes the week of Christmas all the way up to January 1st. As you might expect, there wasn't a whole lot of market activity over that stretch. Only 2 homes were listed for sale, and just 5 went pending. However, 15 listings were either cancelled, withdrawn, or expired. This leaves us heading into 2019 with 36 single-family homes for sale in Redwood City, down from nearly 90 in November.
Will the slowdown we saw in the final quarter of 2018 spill over into the new year? Low inventory could stoke some competition among buyers early on, but this may not last long as homes that were pulled off the market in December come back on. However, interest rates have been declining over the past couple of months, after increasing about 1 full percent from Jan '18. If current rates hold, or decrease further, we could see some additional buyers enter the fold early this year, perhaps providing a bit of a jolt to real estate market. Stay tuned!
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