Redwood City Sales Holding Steady
I have been fearing for the worst for buyers and sellers in Redwood City. I thought maybe sales would slow down considerably or prices would take a nose dive, given all the doom and gloom and shaky mortgage practices. Looking at the three weeks of stats seems to allay those fears and give hope to both buyers and sellers. What I see happening is a lot of homes under the $1,000,000 mark selling with the average DOM still hovering at about a month. Buyers seem to have some good choices on homes that are priced well, and sellers are not having to wait too terribly long to sell or take too deep of a cut. A win-win situation.
Interestingly, 5 of the 31 homes sold went for list price and 13 went for over list. Only three of the overbids seemed outrageous: two at 16% above asking and one for 26% over asking. I am investigating the latter, as I cannot, for the life of me, figure out why this home sold for so much over the list price after only 8 days on the market.
SALES PRICES
Under $1,000,000: 22
Over $1,000,000: 9
Highest: $1,850,000
Lowest: $621,000
Average: $954,000
DAYS ON MARKET
Least: 3
Most: 170
Average: 35
SALES VS LIST PRICE
Low: -9.5%
High: +26%
Average: +.6%
