We’re past Labor Day and its time to let people know how the market is doing. August is normally a slow real estate month, as it was this year, because people tend to be away on vacation, particularly toward the end of the month. By now, most people are back from vacation, kids are back in school and people have started to focus again on their real estate needs. Because August is slow and sellers like to avoid putting their house on the market on a holiday like Labor Day, there is usually a pick up in new listings and the inventory begins to build a bit for the fall selling season. This year is no exception.
During the past week, there were 192 new listings in the SF Mid Peninsula and 87 new sales in the same period. Of these, there were 131 new single family residence (SFR) listings which outnumbered SFR sales by 2:1. The 61 new condo & townhouse listings outnumbered new sales in that category by almost 3:1. Needless to say the inventory is growing.
But not all cities fared the same. Take a look at the table below for the details. Atherton, Palo Alto, Redwood Shores, Foster City and Mountain View fared best; there were new sales to balance out virtually all the new SFR listings. However, in Belmont, there were 11 new listings and no new sales.
Stay tuned next week to see how the market unfolds.
| Mid Peninsula Weekly Market Activity |
