Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Okay, single-family inventory from South San Francisco to Redwood City right now is 249 — that’s up from 242 of last week. We had 49 homes come on the market — that’s a big number. And we had 33 homes go into contract. Now that’s better than last week’s 27, but not the 40-number that we like to see week in and week out.
Condominiums right now, 95 condominiums on the market — that’s up from 91 of last week. We had 25 condominiums come on the market, and we had 17 condominiums go into contract — that’s a healthy number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 344 — that’s up from 333 of last week, and a new 2018 peak of inventory. Last year 2017, the peak number was 233. So we’ve come a long way from last year’s peak of 233 all the way to 344 today. Here’s another interesting number: 32 price reductions last week. That’s the largest number of price reductions for 2018. So sellers who are on the market right now who may have not priced it right are capitulating to try and get those buyers to buy. So if you’re thinking of selling your home, now is still the right time if you’re wanting to sell or trying to figure out the peak.
Here’s an interesting graph — we’ve all seen this. I’m a terrible drawer, but I put together this bell curve, just to kind of quickly illustrate: if this is the peak, we have the beginning of the top of the bell and we have the back side of the bell. So we’re still in this range of a peak. So if you’re a seller who is thinking of “I like to time the market and just sell the peak,” there’s still a time. So maybe you’re not at the front of the peak or at the very peak or near the back side of the peak, now is the time. So use our website, let it give you the evaluation, then give me a call, and then we’ll refine that evaluation then, ultimately, put a plan together, to help you get what you want, the time you want. Won’t that be great?
Thanks for listening, have a great day, and I’ll talk to you next week.