Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, April 16th 2018, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 146 — that’s way up from 117 of last week. And last year at this time, that number was 106. We had 57 homes come on the market last week — that’s the highest number in 2018, and we only had 24 homes go into contract. We like to see 40 week in an week out. 2017 average was 35. And last year at this time, that number was 51.
For condominiums, right now we have 52 condominiums on the market — that’s up slightly from 49 of last week. We had 18 condominiums come into the market, and 14 condominiums go into contract.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 198 — that’s up from 166 of last week and last year at this time, that number was 51. So this is very interesting: we had well over 10% appreciation at 2018. So are sellers seeing that and maybe pricing their homes too high, which is slowing down sales? Not sure yet. We’ll have to see week in and week out. Also we have taxes due tomorrow, and we just came through some spring break and Easter and Greek Orthodox, so there’s a lot of things going on right now, so we have to see what’s going to happen in the next few weeks, but very interesting number right now.
Thanks for listening, have a great day, and I’ll talk to you next week.