5/18/2015 - 5/24/2015
Another great week for sellers, as they sold their homes at an average of 14.7% higher than their asking price. Average DOM dropped to 10 this week from 11 the week prior, indicating that sales are continuing to move along at breakneck pace in Redwood City (San Mateo County average was 17 days!). The largest sale of the week went to a sprawling 3,038 S/F, 3 bed/2.5 bath home in Emerald Hills which closed for $2,450,000. Holding up the other end of the price spectrum was a 900 S/F, 2 bed/1 bath home near Target on the East side of El Camino that sold for $686,000. There are only 33 listings active on the MLS, an unusually low number for a time of year when inventory typically starts to peak. However, the low number of active listings is at least slightly skewed by the amount of off-market activity in Redwood City. With so many eager buyers trying to beat their competitors to the punch, sellers are often able to get the price they want without even having to take the home to the market. I can attest to this first hand, as two of our last three sales here at RealSmart were brokered off-market. As a buyer, now more than ever it is important to have a well-connected agent who is able to give you access to all of these off-market opportunities. If you are thinking about buying, give me a call - I have many tools at my disposal to open up off-market opportunities to my clients.