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 is 238– that’s down from 242 of last week. We had 42 homes come on the market — healthy number, but not like last week’s 61. And we had 39 homes go into contract. We know that’s a healthy number. It’s not 40 but certainly a very good number.
Condominiums right now, 90 condominiums on the market — that’s up one tick from 89 of last week. We had 15 condominiums come on the market — that number’s down from last week. And we had 11 condominiums go into contract — that number’s down from 18 of last week.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 328 — that is down from 331. So here we were watching and we’re gonna continue to push through the 300 numbers, and we go down. Now last year at this time, that number was 195, and it came down from 202 of last year. Last year’s peak, was 233. So again, market’s showing great resiliency. If you are a buyer, now is also a great time because inventory is probably at its highest for the year ’cause typically we’re gonna lower inventory from here all the way to the end of the year. So, inventory typically is going down. So if you’re a buyer, now is a good time to still take advantage of the higher inventory that we’re gonna see this year. Interest rates are at relatively low numbers and we all believe they’re gonna go up. Now is the time to take advantage of the current interest rates, take advantage of the current higher level of inventory so you can find that great home and be in your new home by the holidays.
And again, if you’re thinking of selling, numbers show it’s still a great time to sell. So, we’re in a really very fascinating time where, literally, I can say, great time to sell, great time to buy. Simply use our website if you’re a buyer; we have artificial intelligence that when you search on our website, it will watch what you’re looking for, and then start feeding you, supplying you properties that you might not be thinking about in terms of location, size and price. Pretty interesting, right?
Hey, thanks for listening, have a great day, and I’ll talk to you next week.