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 23rd 2018, with your Monday Morning Market Minute.
Okay, big question is: where is this market going? Last week, we talked about how we had 57 homes come on the market in one week, and that was the highest that we’ve seen in 2018. While we have a few more peaks to talk about this year, but the market is showing some resiliency. So here, let me show you what we’re talking about.
From South San Francisco to Redwood City, right now single-family inventory is 162. That’s up from 146 of last week and that is the peak of 2018 so far. Last year at this time, that number was 147. We had 58 homes come on the market last week — that’s a new peak for 2018; last week was 57. And we had 42 homes go into contract. Now that’s the kind of number we like to see here week in and week out. But that’s only natural; with more homes on the market should be more sales, yet we like to see those sales happen.
Condominiums right now, we have 43 condominiums on the market. That’s down from 52 of last week. Last year at this time, that number was 55. We had 20 condominiums come onto the market, and we had 15 condominiums go into contract.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 205. Last week was 198, we just crossed over the 200-marker at 205. In 2017, the high water mark was 233. And again, there’s roughly 90,000 single-family homes and condominiums all put together and we only have 205 homes on the market. We have 3,000 agents that belong to the board. Have at least 1,200 agents trying to make a living from South San Francisco to Redwood City. So, as you can see, inventory is still extremely low. So if you’re thinking of selling your home, now is the time.
Thanks for listening, have a great day, and I’ll talk to you next week.