Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Okay, so we go through our first rounds of graduations for 2018, and inventory surges. Last week, we had 149 single-family homes on the market, from South City to Redwood City. Today that number is 172, hitting a 2018 peak up 16% from last week. We had 73 homes come on the market — that’s huge. That’s the most amount of homes we seen come on the market in a week basis in a long time and a 2018 peak. We also had 43 homes go into contract — that’s a very healthy number; as you know, we like to see 40 homes go into contract week in and week out; 2017 average was 35.
For condominiums, 66 condominiums on the market right now — that’s up from 59 of last week and that is a 2018 peak for condominiums in inventory. We had 29 condominiums come on the market and we had 17 condominiums go into contract, and again a very very healthy number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 238 — that’s up from 208 of last week and that is a 2018 peak for inventory. Last year 2017, the peak was 233. So we just went through the 2017 peak by 5 homes. This is great news for buyers, a lot more to look at, so if you’re thinking of selling your home this year, you’d better hurry up before the inventory rises even more.
Thanks for listening, have a great day, and I’ll talk to you next week.