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 134 — that’s down from 138 of last week and the first time this year inventory actually went down. We had 26 homes come on the market, and we had 32 homes go into contract — that’s way better than last week’s 21, and not quite the 40-number we like to see but still a fantastic number to see in this week of February.
Condominiums right now, 72 condominiums on the market — that’s down from 79 of last week. Again, the first time inventory’s gone down with the condominium inventory. We had 12 condominiums come on the market, and we had 14 condominiums go into contract. Last week that number was 14, and last year that number was 14. Very interesting there.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 206 — that’s down from 217 of last week. What does that say? Hey, this market is still very resilient. Yes, there’s way more inventory than last year at this time, but the big picture as we’ve been saying, inventory is still extremely low. Out of 80,000+ homes from South San Francisco to Redwood City we only have 206 homes on the market? 3,000 agents belong to the board. I’ve always said at least 1,200 agents trying to make a living from South City to Redwood City. That’s why this market continues to go — not to mention interest rates are down, so when there’s more opportunity for buyers to look and find a great home and get a great deal, you get more sales.
Thanks for listening, have a great day, and we’ll talk to you next week.