Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Okay, single-family inventory from South San Francisco to Redwood City right now is 123 — that’s way up from 107 of last week, and last year at this time, that number was 105. We have 51 homes come on the market last week. I think what’s going on here is people want to get their home on the market before this holiday coming up, the Easter holiday. We also had 32 homes go into contract — that’s a healthy number; remember 2017, average was 35. We’re always looking for 40 for a really healthy market.
Condominiums right now, we have 54 condominiums on the market — that’s down from 60 of last week. We had 16 condominiums come on the market, and 23 condominiums go into contract — that’s a super healthy number.
Now here’s some interesting perspective: let’s look all the way back to 2010, but I’ll go in reverse here. Last year, that total-total number was 184. In 2015, that number was 175. In 2014, total-total was 231 homes on the market on this date — basically this date. And in 2012, that number was 368. In 2011, that number was 681 homes on the market. 2010, that number was 673. So, from 673 homes on the market on this date in 2010, all the way up to now, only 177. So, yes the market just opened up a little bit, but as you can see, inventory is still extremely low. So if you’re thinking of selling your home this year, now is the time.
Thanks for listening, have a great day, and I’ll talk to you next week.