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 236. That’s actually up from 210. This time last week that number was 218. With 68 homes come the market, that’s a large number. Last week the number was 46. We also had 41 homes go into contract. That’s a little lower than last weeks 45. But still that near that 40 number we’d like to see week in and week out.
Condominiums, you know, 180 on the market. That’s up again 173 of last week. Last year at this time, that number was 112. Huge difference in the condominiums on the market. thats actually down one tick from last week, 174. Last year at this time that number was 99. We had 20 condominiums come on the market and we had a whopping 22 condominiums going to contract. That’s a super healthy number. You know, more inventory in the kind of been talking about which I’ve been talking about obviously equals more sales. Last week the number was only 12.
Also, we had 18 homes either expire, cancel or withdraw from the marketplace. And here’s another big number. 33 price reductions. That’s a very, very large number.
So total total from south San Francisco to Redwood City, single family homes and condominiums. Inventory is 416 That’s a new 2020 peak and inventory, that’s up from last week’s 383. Last year at this time, that number was 330. So very interesting. And 416 total total. The last time we went over 400 homes, Total total, was in 2012. That number was 403 in 2012 and 2011, the number was 841. So was a massive drop 2011 to 2012, 841 down to 403. Here we are. We just crossed over the 400 marker at 416. And a big, big discussion is the condominium inventory. There’s clearly a divergence happening between single family homes and condominiums. I think it has something to do with the current situation in in the health situation. People are moving out of wanting to move out of condominiums. That’s just speculation. But that’s what it feels like. I mean, it’s it’s a massive difference and how the condominium market is really expanding so much, whereas the single family home inventory is very, very strong and tight. I mean, 236 homes, only just 60000 plus homes from South San Francisco to Redwood City, just roughly 60 thousand plus single family homes. And there’s only 236 homes on the market. So interest rates still extremely low. Hey, if you’re looking to buy a home, take advantage of that. In single family homes. Hey, you still haven’t lost that, you know, haven’t lost the opportunity. I think that we just reached, you know, reached our finish the summer. And maybe there’s, you know, we do see towards in the summer. One last quick push and inventory. So that could also show why the inventory has gone up as well. So we’re going to continue to moderate like always. How much farther in the 400 are we going to go? I’m you know, if we reached 500, that would be a massive market shift right there. So my prediction is probably to go up a little bit more and then start hovering back down again. But that’s we’re gonna be watching. Thanks for listening. Have a great day. And we’ll talk to you next week.