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, thats up from 140 of last week. Last year at this time that number was 146 so 10 more homes on the market year over year. We had 50 homes come onto the market and 32 homes go into contract thats actually down from last weeks 42, its not the 40 number we like to see week in and week out, but remember last week inventory was down, so with less inventory usually means, less sales.
Condominiums right now, 72 condominiums on the market thats up from last weeks 60. Last year at this time that number was 52 so 20 more. We had 26 condominiums come onto the market and we had 13 condominiums go into contract. Last year at this time there was 14 condominiums that went into contract. Here is something that is very interesting that I like to watch is expireds, cancelleds and withdrawals, last week we had 9, last year at this time 9. We also had 10 price reductions last week, last year at this time that number that number was 15.
So total total from South San Francisco to Redwood City inventory is 228, thats up from 200 from last week, and actually the first time in 5 weeks that inventory went up! Also last year at this time, this number was 198, VERY interesting it really shows how on pace and how predictable in some cases this market can be in this very efficient market. So what does that mean? It is a good time to sell your home, homes are selling! For buyers, well there are more things to look at than there were alst year, so both sides of the fence here when homes are priced right they sell right away, buyers there are more things to look at.
By the way if you like to hear about these numbers and you want to go deeper, we invite you to our podcast, Beyond the Minute, where Tim and myself unpack these numbers even more so you have an even better understanding of whats going on the mid-peninsula real estate market.
Have a great day and we will talk to you next week!