Inventory in Redwood has expanded, with 36 homes on the market in March and a sizable 53 new listings, up about 120.83% from a year ago. Buyers are finding more options, while contract activity is strong, as pending sales climbed to 34, a 240% jump year over year that keeps homes moving through the pipeline.
Even with more listings, homes are not sitting longer, holding steady at a median of 52 days on market, which is about 10.34% faster than last year. By contrast, the broader West Valley City area has more inventory at 193 homes, yet Redwood’s mix of rising supply and brisk contract flow supports its classification as a Seller's Market with a market gauge of 11.
Pricing is adjusting to these dynamics, with the typical home value at $375,000 in March, down 1.06% from last year but up 7.14% from the prior month, and the median list price nearly flat month over month at $449,900. Roughly 20% of recent sales closed above list price, and sellers are still receiving about 99.3% of asking on average, while projections for April point to a typical home value of about $387,500 and inventory edging up to 41 homes with a median list price near $450,100. Whether you are a buyer trying to navigate the added choices or a seller aiming to price correctly in this Seller's Market, Agent Pronto can connect you with an agent who understands Redwood’s trends.
