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 110 that is down from 119 of last week. Last year at this time that number was 156 that is a 30% reduction inventory year over year in single family homes. We had 18 homes come onto the market and only 9 go into contract that is a very low number, last week that number was 20 but again less inventory less sales
Condominiums right now… 82 condominiums on the market right now. That is down from 86 of last week. We had 11 condominiums come on the market and 14 condominiums go into contract that is a pretty healthy number for right now especially with last week only 86 on the market and 14 going into contract.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 192 that is down from 205 of last week. Las year at this time tat number was 230, in 2017 that number was 123, 2016 that number was 214. So what am I getting at? Last year we were discussion how this market was getting a little bit squishy especially with 156 single family homes on the market and the rhetoric of how many interest rate hikes there were going to be? Market was a little squishy, going into 2020 we are not going into squishy we are going to start off a lot hotter than 2019, it will be a sellers market and very low inventory as we go into the new year. Actually right now with inventory right now you could actually take advantage of the market right ow if you are thinking of selling, homes look great decorated! But certainly going into 2020 it is going to be a very very good market for sellers.
Tim and I are going to dive deeper into that conversation with the Beyond the Minute Podcast.
Thanks for listening have a great day and we will talk to you hopefully more clearly next week!