In July we were looking at an average sales price of almost $1.5 million. Halfway through August, we are looking at a number closer to $1,125,000. Does this mean prices are cooling off? Not necessarily. Homes are still selling at well over asking, and the average list price of the 10 homes that went pending this week was $1,546,300. It says more about the size/location of the homes than it does about Redwood City's market health as a whole. The average size of the sales that closed this week was 3 bed, 2 bath 1,492 S/F. In comparison, the average size of the sales that went pending this week was 4/2 and just over 2,000 S/F. Redwood City has a great deal of variation in the size of homes and desirability of neighborhoods, so it isn't uncommon to see these numbers fluctuate so much on a weekly basis.
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