The second rule of real estate after Location: Timing. Buyers and Sellers need to understand the time trends in the market.
Sellers need to be aware of how long it might take to sell their home. Many variables affect this time, not the least of which is list price. No matter their price, the unique homes in Woodside generally do not sell at the frenetic pace of the rest of the Silicon Valley market.
For the buyers, it is important to understand how fast you have to move – not just in responding to a home you like, but in how frequently you need to check the market and how quickly you need to make arrangements to view the home. Rather than worrying a home might be sold too quickly, In the Woodside market, buyers need to be patient until the right home comes on the market.
Here we see that for the bulk of the Woodside market, homes spent three to 10 weeks on the market. Notably, since the MLS did not accumulate days on market during the COVID-19 Shelter in Place, the lower ranges of this graph are significantly corrupted. It is best not to rely on data under 6 weeks in this time period.