1/6/2020 - 1/12/2020

6 new listings hit the market last week, but just like that, 6 were taken off the market as pending sales, preventing any post-holiday inventory growth.  That being said, there have already been 2 new homes listed for sale this Monday, perhaps an early indicator of a big week to come.  

Nothing remarkable to note about our three closed sales last week.  All three were fairly dated properties, which explains the lower price per square foot number.  Two of the three were on the market for two weeks or less, suggesting there was decent buyer activity even through the holidays.  We'll keep an eye on how things progress through January.

1/26/2019 - 1/5/2020

Happy new year!  I hope everyone was able to enjoy some quality time away from work over the holidays, and are recharged and ready to go in 2020.  

Our first weekly update of the new year looks fairly typical of new year market statistics.  Inventory is at a year to date low, and the market has remained mostly dormant since Christmas.  As we progress through January, expect to see some homes that were pulled off the market in early to mid December relisted, perhaps at a new price with some cosmetic improvements.  Buyers should also return to the market gradually, as everyone returns from vacation and settles back into their normal everyday life.  

12/16/2019 - 12/25/2019

This week's update actually covers the past 10 days, from last Monday through Christmas Day.  Over that time, it's no surprise that we only saw 2 homes listed for sale.  Listing activity generally takes a break around now.  This week through New Years will probably not be any different.  As a result, inventory has dropped down to 35 homes for sale, with 8 listings being pulled cancelled/withdrawn and 12 others going into contract to sell.  This number will continue to tighten up until the new year, so buyers are going to have to live with a narrower pool of options for the next month or so until the market begins to thaw out.  Stay tuned!

12/9/2019 - 12/15/2019

Inventory has plateau'd here in December, hovering around 54-55 the entire month so far.  There are actually more new listings coming on the market than I would have expected, but this is being nullified by older listings being cancelled or withdrawn.  5 listings this week were pulled off the market, likely to relist in the new year - perhaps at a lower price.  With one last weekend before the holidays, I would expect another slow week with a few more withdrawn and cancelled listings.  That being said, most sellers who are keeping their homes listed through the holidays are likely eager to get a deal done.  Buyers who remain vigilant in their search may find themselves rewarded.

12/2/2019 - 12/8/2019

Inventory didn't see the same drop it did the week prior, but it did continue it's downward trend.  The week after Thanksgiving provides the only semi-optimal window to list a home for sale in the month of December, as it provides two full weekends of open houses before the holidays roll around and everyone goes off on vacation.  I would expect fewer new listings this week and moving forward until January.  

4 listings were either cancelled or expired this week, which is a common thing to see around this time of year.  We will likely see those homes back on the market in a month or so, because after 30 days you are able to relist your home in the MLS with a fresh days on market counter, giving it the appearance of a "new" listing.

11/25/2019 - 12/1/2019

As fewer new homes are listed each week, the average age of our inventory is gradually getting higher and higher.  Redwood City's 55 active single-family homes for sale have been on the market for an average of 66 days.  When you take this into consideration, along with the fact that we are now officially in the slow season for real estate activity, it is reasonable to expect that many of these 55 sellers are getting anxious to get into contract before Christmas.  Some of these sellers are even likely to pull their homes off the market if they don't sell in the next couple of weeks, with plans to relist after the holidays.  

This presents buyers with a unique window of opportunity where sellers are more likely to work with them to get a deal done, even if the initial offer isn't quite what they were looking for.  So while the holidays aren't the most convenient time to make one of the biggest financial decisions of your life, they do present some advantages to buyers who stay active.  

11/18/2019 - 11/24/2019

Inventory is reeling in as the holidays approach us.  With Thanksgiving week officially upon us, our 59 currently active single-family homes for sale are the lowest since the first week of September.  Expect that number to continue dropping through December.  As we get closer to Christmas, we will probably see more cancellations and withdrawn listings, as sellers pull their homes off the market and wait to relist in the new year.  This is a common strategy for homes that have already racked up significant days on market heading into the holidays.  The idea is that since the holidays are generally a slow time for real estate anyway, it offers a good window to take your listing down, perhaps make some cosmetic improvements/changes, take new photos/video, and consider a new price.  After 30 days you can relist your home in MLS and it will show as a brand new listing again.