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 99. Under a hundred, only 99 homes. You know, there’s 66,000, roughly, 66,000 single-family homes from South San Francisco to Redwood City. And there’s only 99 for sale. Last week, we had 32 homes come on the market — that’s a pretty big number, and we only had 14 homes go into contract — that’s well below the 40 we like to see week in and week out, and yet it was really the first work week, if you will, of 2019.
Condominiums right now, 70 condominiums on the market — that’s up from 56 of last week. We had 19 condominiums come on the market, and we had 6 condominiums go into contract. That’s kind of a pretty good number for that first real week of 2019 for condominiums.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 169 — that’s up from 138 of last week. So what does this mean? Well, inventory’s still really really low, and yet if you’re thinking of buying a home, there’s opportunity out there right now, more products coming on the market. Interest rates have paused. So that is a big reason why you want to get into the market now. If you’re thinking of selling, hey, inventory’s still low. If you do it right, you can get your homes sold for the price you want and the time you want.
Thanks for listening, have a great day, and I’ll talk to you next week.