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 228 a new 2019 peak up from last weeks 216, we had 46 homes come on the market, much lower than last weeks 68 yet 46 is an average for homes coming onto the market and 33 homes went into contract now that is not the 40 number we like to see week in and week out but still a lot better than last weeks 17.
Condominiums right now 99, that is up from last weeks 74, the 2019 peak is 109. We had 26 condominiums come on to the market and 23 into contract now that is a very healthy number for sales.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 327 a NEW 2019 peak, up from last weeks 290 and remember the peak previously was 313. Now the 2018 peak was 344, so we are still under 2018 peak at 327, the last time we were close to this number was 2013. The peak number then was 336 and then inventory dropped year over year till we got to 2018. Where do we go from here? We are watching they inventory are we going to be higher than the 2018 peak. Are we going to find some time here in the next month or so getting over 344 will that be the new trend going forward ? That is what we are looking for! All in All macro picture from south city to Redwood City this is still a low number, but yes it is better for buyers more inventory to look at and maybe a little more room to look at things and not be so rushed. It is still really a small number in the big picture. We will get more into this in the Beyond the Minute podcast where we will take a deeper dive into the numbers and what is happening in the market.
Thanks for listening and we will talk to you next week!