Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Okay, schools continue to start, summer’s coming to a close, and the numbers are definitely being reflected by that. Single-family inventory from South San Francisco to Redwood City right now is 180 — that’s up from 171 of last week, and last year at this time, that number was 119 — that’s roughly a 50% increase year-over-year. Here’s something interesting: in 2016, that number was 210, which was the peak for 2016. And here’s something very interesting: in 2010, that number was 612. Now it’s our feeling here that when we reach 350-400 single-family homes on the market, that is a full transition into a buyer’s market. So we had 49 homes come onto market, and we had 39 homes go into contract. We like to see 40 week in and week out, so that’s good. Last year, that number was 39 as well.
Condominiums right now, 63 condominiums on the market — up from 57. We had 14 condominiums come to market, and we had only 9 condominiums go into contract — that’s a low number.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 243. That’s a new 2018 peak of inventory and that is up from 228 of last week. And last year at this time, that number was 172. So, you’ve been watching the Monday Morning Market Minute, and if you’re asking the question, “Hey, are you looking for the peak?” this is exactly why you watch the Monday Morning Market Minute, and you want to see what’s going on. So, if you’re thinking of selling your home, now is the time to call the Gilmartin Group.
Thanks for listening, have a great day, and I’ll talk to you next week.