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, that number is 101. Last week that number was 101. And last year, at this time, that number was, surprisingly 101. Very very interesting. Right now we had 36 homes come into the market. Last year at this time, that number was 51; a lot more homes last year. We had 29 homes go into contract. Last year at this time, that number was 40, and last week that number was 40. 29 is a low number, and what I think we’re gonna see is we had a lot of homes come on the market, and they’re gonna do a couple more open houses and there are gonna be a lot of sales this week. I’m sure we’ll see that next week.
Condominiums, 52 condominiums on the market right now. Last week that number was 47. We had 22 condominiums come on the market, and we had 16 condominiums go into contract. Last week that number was 16.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 153. That’s up from 148 of last week, and last year at this time, that number was 154. And I’m trying to show you there’s a pattern here in terms of watching the inventory week in and week out. ‘Cause we all wanting to know, “Where is this market going?” And we know where it’s gone in the past. And last year was a great market, and the year before that was a great market, and here we are, showing the same type of numbers that we’ve seen in the past, and I’m telling you, we can all see that this market right now is still really really hot. So if and when we see this market get change, we can see what might be coming down the path. So if you’re thinking of selling your home, this year, right now — it’s very evident — is a great time to sell your home.
Thanks for listening, have a great day, and I’ll talk to you next week.