Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Okay, single-family inventory from South San Francisco to Redwood City right now is 124 — that’s down from 156 of last week. And last year at this time, that number was 60. We had 10 homes come on the market, and we had 25 homes go into contract. Now that’s a healthy number for this time of year.
Condominiums, 75 condominiums on the market — that is actually up from 74 of last week. And last year at this time, that number was 24. We had 7 condominiums come on the market, and we had 11 condominiums go into contract. Now that’s a very healthy number as well. So certainly, the buyers were out last week, taking advantage of what was on the market, and getting that home sold before the holidays.
“28”. 28 homes, either expired, withdrew, or cancelled from the market, and we only had 9 homes actually reduce their price — that’s a much lower number than weeks past.
So total-total, from South San Francisco to Redwood City, condominiums and single-family homes, inventory is 199 — that’s down from 230 of last week. And yet, last year at this time, that number was 84. So that might sound like ‘wow, inventory’s really up from year over year.’ Yes, it is, but there’s 3,000 agents that belong to the board, and at least 1,200 of them are trying to make a living selling 199 homes. So, this market is still very strong for sellers, and if you are a buyer, now is the time to find those last homes that are still on the market. Interest rates haven’t gone up — now is the time to do that. And if you’re thinking of selling, rest assured, this market is low in inventory which is great for you.
Hey, thanks for listening, have a great day, and I’ll talk to you next week.