Third Quarter Market Update
The weather in Redwood City is starting to cool down, but what about the real estate market? The biggest change from the second to third quarter this year was the average days a home is on the market, which increased from 17 to 29 days. On average, it took about 40% longer for properties to sell in Redwood City. It's common for homes to take longer to sell in the summer months, but 40% is a pretty decent jump. Last year, from the second to third quarter there was a 23% increase. This quarter we also saw less inventory on the market and there was a 1% increase in average sale price and average dollar per square foot.
The slow down in the market was noticeable in mid-May and early June and then it picked back up again in August. It will be interesting to see what the last quarter of this year brings for the real estate market. Once the holidays roll around, we'll start to see less inventory, but I predict that prices and average days on the market will stay pretty consistent with this quarter.
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Cliff Whearley has been a resident of Redwood City for 23 years. He is a Realtor at Dwell Realtors, Inc. and has been practicing real estate since 2007. If you have any real estate questions, he would love to help!