Market Update: 3rd Quarter Preview
The numbers are coming in for the 3rd quarter and we wanted to give you a sneak peek before we put out our full market report next week.
The first and second quarter (and even into the third) of this year were absolutely crazy in terms of appreciation, properties selling hundreds of thousands over asking, and fierce competitiveness amongst buyers. In the third quarter, we saw things start to settle down a little bit. Buyers who have been waiting for the market to cool off a little are jumping in, while sellers may start feeling a little disappointed if their home doesn’t sell way over asking.
Don’t get me wrong, properties are still selling with multiple offers. But where we were seeing 8-10 offers at hundreds of thousands over asking, we might see more like 3-5 offers on a property. In some cases, a property may be on the market for 2-3 weeks and end up with 1 or 2 offers and sell at asking price.
Here are some stats for the 3rd quarter:
- Number of sales: 146 sales in Redwood City: 95 of which were over $1M and 11 over $2M.
- Price: The average sales price was $1,264,384. The highest sale was $3,200,000 and the lowest was $288,000. On average, 2 bedroom homes were selling for close to $925K and 3 bedroom homes for $1.22M.
- Days on Market: For the most part, properties sold in 12 days or less from the list date.
As the saying goes, what goes up must come down. The question on everyone’s mind lately has been, “When will it come down?” Are we really starting to see things settle down? More to come in next week’s 3rd quarter market update—stay tuned!