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 now is 187. That’s up from 171 of last week. Last year at this time that number was 195 so still below last years numbers. On the single families we had 54 homes come on the market, that’s a large number, basically because that’s post 4th of July inventory. People waiting for the 4th of July to happen, the put their home on the market. And then we had 31 homes go into contract, thats a lower number than last weeks 39 and the week before. Again that’s probably also because of the post-holiday week, you know less sales being represented during that holiday time.
Condominiums right now 129 ondominiums on the market that’s up from 115 of last week. Last year at this time that number was 97, so you know a big difference between last year and this year in condominium inventory. We had 40 condominiums come on the market that much larger than last weeks 20, and again that’s a post holiday type of number. And only10 condominiums go into contract, last week that number was 10. Again post-holiday, its probably a pretty good number because pre-holiday or up to the holiday was 10, so that a pretty good number, Id like to see it more in the teens though.
So total total from South San Francisco to Redwood City single family homes and condominiums inventory is… 316. That’s up from 286 of last week. Last year at this time that number was 292, and 2018 I want to bring that up because 2018 certainly was a peak; the number was 223. So we are much higher than the 2018 peak, last year being 292, now being 316. This will probably show as you watch the Monday Morning Market Minute, this is probably going to show to be the peak of inventory for this summer. Right now 316 is the peak so far for 2020 and as we move forward typically we might see a little more inventory, a bigger number next week but typically we’re probably going to see that number come down and continue o go down and then October might be a chance to find a new peak and then start going down again. If those scenarios happen, and the interest rates stay where they are, through the year, 2021 is going to start out again, really really hot. Thanks for listening. Have a great day. And I’ll talk to you next week.