Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, April 1st 2019, with your Monday Morning Market Minute.
Here we go. First day of the second quarter. Single-family homes, 151 from South San Francisco to Redwood City, there’s only 151 homes for sale, and that is down from 174 of last week. We had 34 homes come on the market. And we had a whopping 50 homes go into contract. That is huge, as you may have heard me say in the past, we like to see 40 week in and week out to be a healthy number. 50 sales in one week, that’s massive.
Condominiums right now, 63 condominiums on the market — that’s up slightly actually from 57 of last week. We had 20 condominiums come to the market — that’s kind of a high number. And we had 12 condominiums go into contract — that’s a healthy number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 214 — that is down from 231 of last week. So what does this mean? “How is the market?” is the big question. The market is on fire, and that is not an April Fools’ joke. This market is absolutely on fire. The only good news for buyers right now in the sense is inventory. There is more inventory than there was last year at this time, but still in the big picture, only 151 homes on the market, single-family from South City to Redwood City. So if you’re thinking of selling your home, this week might be the best week yet.
Thanks for listening, have a great day, and I’ll talk to you next week.