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 204. That’s up slightly from 200 of last week, Last year at this time, that number was 194. So 10 more homes year over year with 59 homes coming on the market, last week that number was 56. Last year this time, then there were 33. That’s a big indicator, again, of the sentiment, if you will, of the sellers in the state of the economy here in the Mid Peninsula in regards to the real estate, residential real estate market. We also had a whopping 50 homes going to contract last week. The number was 39 last year. This time the number was 30. 50 is an outstanding number, especially for at the end of the summer! I think today might be the first day of for school for a lot of families. And maybe that was a final push to get that home. So being the district maybe they were wanting to be in, that could be a factor.
Condominiums 157 condominiums on the market. Thats up from slightly from 152 condominiums. At this time last year that number was 84, again the difference being last year in this year’s condominium inventory is showing a big deal. I think a lot of people are maybe moving out of condominiums. And because of COVID-19, maybe there’s a little less people wanting to buy condominiums, although there was 29 condominiums that came on the market and 19 condominiums went into contract, which is a great number. Last week it that number was better, 21, but still 19, high, you know, high teens. That’s a that’s a very, very healthy number.
Also, we had 7 homes either expire, cancel or withdraw from the marketplace, 7. Last year that number was 28. wait I made a mistake, I knew there was something there that wanted to make sure I brought up 28 homes expired, Cancel and withdraw from marketplace, that’s a massive number. Last year the number was 7! We also had another 24 homes reduced the price again week over week of a week here. Last three, four weeks. That’s been a high number. Very interesting to watch. You know, could be a big indicator of why with the lots of sales, with all these price reductions
So total total from south San Francisco to Redwood City, single family homes and condominiums. Inventory is 361. That’s up from 352 last week! Last year at this time the number was 263. So interest rates are still way down. Market is certainly showing great resiliency. Very efficient. You know, I’ve said that when we reach 600, that number 361 gets to 600 we are in a full fledged buyer’s market. We still right now with 361, that’s still leaning on the seller market scale. So what is more of an equilibrium number? Probably another 100 homes, about 450 /475. That’s more what I would call real balance to market. So now we’re all going to watch is are we’re going to work our way into the force. That would be something we hadn’t seen in a long time because I again, I’ve been saying I thought the inventory bell curve would sort of be going down now. But now we’ve for the last few weeks, actually inventory has gone up. So as we move forward, those are things we’re looking towards. And if we stay around this number and it’s hard going back down again, as I said in the past, 2021 is going to start off with with another bang, which will be absolute incredible to watch, to see how this real estate economy and maintenance just keeps moving forward. Thanks for listening. Have a great day. And I’ll talk to you next week.