Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Single-family inventory from South San Francisco to Redwood City right now is 156 last week that number was 140 last year that number was 156. That is two weeks in a row that we have the exact same amount o single family inventory as we did last year. Unbelievable. We had 25 homes on the market and 10 in contract.
Condominiums -54 condominiums on market that is up from 48 of last week. We had 9 on the market and 4 go into contract. Again with such low inventory does mean less sales, and this does prove that homes are coming on the market and homes are selling.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…210 that is up from 188 of last week. Last year at this time that number was 228. So 210 total homes on the market that is an extremely low market, I know we are all working through this Covid-19, god bless all those on the front lines, and we do see some light at the end of the tunnel. Just to reiterate what I have been saying over the last few weeks is the Recession we are probably going to be in technically, does not equal a housing crisis. Homes are coming on the market and homes are selling, I am actually writing an offer today for some clients that I know there are going to be 2 other offers on that property! When we work though this health crisis, when we get to the other side. The demand is going to out weigh the actual product there is going to be more demand than there are homes.
In past pandemic history has shown that it is a more of a”V” shaped type of recovery, and here from south city to Redwood City I can see how that would play into the “V” shaped bounce back with low low inventory plenty of demand with these low interest rates. Its going to be very very interesting.
Thanks for listening, have a great day, stay safe and healthy and we will talk to you next week!