Redwood City Real Estate Trends and Forecast -
Following a strong spring homebuying season, the third quarter in our Mid-Peninsula region showed the usual summer lull, with activity comparable to the same period last year. The strongest demand was for homes priced between $2 million and $3 million, for which sales increased notably but inventory diminished rapidly. Generally, the trend of falling inventory levels over the last year has kept sales activity muted.
At the same time, continued competition among buyers caused homes to go into contract in less than two weeks. An increased number of properties sold for more than asking price, and sellers enjoyed higher premiums than they did in the third quarter of last year. As the result of these market forces, the median sales price grew by double-digit percentage points. The largest price increases were recorded in relatively more affordable communities such as Redwood City, San Carlos, and Belmont, which have become the Mid-Peninsula's new hot spots, as these cities revitalize their downtown areas in response to their growing popularity.
Looking Forward: A strong end to the third quarter suggests that buyers remain very active and eager. Fewer homes for sale will keep buyer competition stiff, leading to further price appreciation.
To stay up to date with the current local real estate, click here: Redwood City Real Estate Forecast
As a commitment to helping my clients increase the value of their home, I am offering a $2,500 design and staging credit (with a signed listing agreement) through November 30,2017.
Whether you are thinking of selling and/or buying, please contact me to get a more in-depth market perspective and recommendations on adding value to your property.