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 200 that is up form 187 of last week. Last year at this time that number was 204, hovering right back to last years number. We had 46 homes come on the market and 36 go into contract, thats a great number especially during this time, last week that number was 30. We were finding the base number of 30 for the last few weeks so getting up to 36 closer up to the 40 number we like to see is good news.
Condominiums right now 91 on the market down from last weeks 92.. And we had 19 condominiums come on the market and 20 go into contract now that is a fabulous number. Last week that number was 19 so the trend of condominiums is going up too which is great!
We had 4 homes either expire cancel or withdraw from the marketplace and 9 homes reduce their price. Last year at this time that number was 20 so very interesting there.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…291 that’s up from 279 of last week. Last year at this time that number was 306. Total total we are still under last years number. Interest rates are still practically historically low so lots of buying power out there for those who are out there shopping. In terms of recovery the COVID recovery financially like we were stating and it is proving so far to be true, the housing market is out pacing most industries. IT is really going to be this housing market that leads the charge!
Thanks for listening, have a great day, and I’ll talk to you next week.