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 206 that is down from 214 of last week. Last year a this time, though, that number was 162. With 14 homes come on the market. That’s down from last week’s 54. And we had 52 homes going to contract. That’s up from last week’s 49. Last year this time, the number was 38.
Condominiums right now we have one hundred and 174 condominiums on the market. That’s up again from last week was 164. So it’s several weeks in a row where the condominium / townhome inventory has been rising week over week. Last year at this time, that number was only 75. And since I said this last week, in 2010, that number was 330. So, again, just a complete different and we might be thinking. What? You know, there is a shift going on right now with the condominium townhome market inventories. Certainly something is going on, but it’s by no means time to panic in any way in terms of of, you know, major, major problems arise. In 2010, there was 330 condominiums on the market, which is a massive number. You’ll see last year at this time, only 75, though that is a 232% gain from year over year. So that’s a big number. So certainly something that we’re gonna continue to watch with. 29 condominiums came on the market and with 12, condominiums going into contract. That’s a little bit less than last week’s15. this time last year that number was 18. So 12 is you know, we’d like to see that, you know, in the teens in higher what would be a better number. But certainly 12 is we’re hanging in there with 174 condominiums on the market.
So total total from south San Francisco to Redwood City, single family homes and condominiums. Inventory is 380. That’s up slightly from 378. Obviously, it’s the condominium numbers that made that go up last year at this time, the number was 237. So in terms of the single family home inventories. Supply and demand, it’s very, very healthy. Things are certainly coming on the market and selling. We have several listings on the market right now that are getting lots of activity. Which kind of means, on the other hand, now more than ever here, not a lot these days You have got a price that right. You’ve got to get the home prepared to go, you know, to go on the market. It’s for you to stand out among the competition. You know, again, with only 174 condominiums on the market, that’s still good for the buyers. A little more selection. So with interest rates the way they are. Great time to go, you’ll find if you’re a new time buyer, go out and find a condominium or a townhome to buy as a first time home purchase. That might be a very good thing for you to do right now. Thanks for listening. Have a great day. And I’ll talk to you next week.