August 31, 2007
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%
Rick said:
At the low end, there seem to be a lot of properties coming to market recently. And, there are a lot of Sold signs out there, too. As far as I can tell, the small houses that are in good shape seem to go in a reasonable amount of time. There are a batch of small places that are in bad shape and bad locations and listed for very high prices. Those are sitting, and sitting, and sitting…
August 31, 2007 12:02 PM