5/11/2015 - 5/17/2015
The Redwood City housing market continues to maintain the status quo, with homes hitting the market at exactly the same pace as they are leaving. This week 13 checked in and 13 checked out. The week prior: 13 in, 14 out. Sellers are entering into purchase contracts in remarkably short periods of time (11 days), and closing well above their asking price (108.4%). The average sales price of $1,635,055 was a near $150,000 improvement from the week prior. While it is normal for these numbers to fluctuate a great deal on a week-to-week basis due to the small sample size, the upward trend in home values that we are seeing is very real, and should continue so long as inventory remains low and demand remains sky high (which is likely to be the case for the foreseeable future).