Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Okay, today’s report continues to set the stage for the key indicators that we’re watching to see where this market’s going, especially with summer officially starting this week. So, single-family inventory from South San Francisco to Redwood City, right now is 184 — that’s up from 176 of last week. We have 53 homes come on the market — that’s a huge healthy number; great for buyers, more things, more homes to look at. We also had 45 homes go into contract — that’s a very healthy number; week in and week out we’re always looking for 40; 45 is a great number.
Condominiums right now, 56 condominiums on the market — that’s down from 64 of last week. We also had 17 condominiums come on market, and 14 condominiums go into contract.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 240. Last week was 240 — that’s a very interesting key indicator right there. What are we gonna do there? We’re gonna break through the 240 number or are we gonna start going down? Now 240 is the peak of inventory number for 2018. 2017 was 233. So we have to continue to watch week in and week out and see where we’re going with this market. Is it gonna speed up and stay efficient like it is now, or is the inventory gonna really grow and changing things in a very dramatic way. Only time will tell.
Thanks for listening, have a great day, and I’ll talk to you next week.