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Monday Morning Market Minute – April 27th, 2020

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, April 27th, 2020 Monday Morning Market Minute.

Today is going to be more of a traditional market minute. Single-family inventory from South San Francisco to Redwood City right now is 155. That is down from 157 of last week. Last year at this time that number was 163. So we have – again – less homes on the market than we did last year at this time. To be expected with the health crisis. Still an extremely low number. We had 25 homes on the market. Last week we had 25 come on the market. The week before was close to that number. So, we’re kind of finding our bottom here, in this health crisis, of how many homes are coming on the market. We also had 26 homes go into contract. Last week that number was 21 and the week before that was 10. The numbers are moving in a positive direction.

Condominiums right now, 69 condominiums on market that that’s up slightly 67 of last week. Last year at this time the number was 76. Not too far off there. We had 7 condominiums come on the market. That’s an extremely low number. Especially last week was 25 and 9 condominiums go into contract. Last week that number was 3 the week before it was 4. So – that’s the trajectory we like to see.

So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…224. Last week was 224 and last year at this time was 239. We’re threading this needle. Homes are coming on the market, homes are getting sold. Data from Zillow – the amount of views they are getting on Zillow has gone up dramatically. Then the actual showings. People are looking online looking at houses. Showing – but actual showings is also rising. So again, as we thread this needle and slowly start opening this economy up again in the future we do have real estate activity. Meaning, I’m not feeling any housing crisis in our world right here. Things are looking very positive today. Let’s keep moving forward. Let’s keep staying healthy. Thanks for lestioning, have a great day and I’ll talk to you next week.

Beyond the Minute Podcast.

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2 Responses to “Monday Morning Market Minute – April 27th, 2020”

  • Ajit Singh
    Written on

    Hi Dan,
    Hope you’re staying safe and healthy. Can you do a segment on your thoughts on residential spec development along the peninsula. It seems a portion are being sold even during Covid 19 and some others continue to sit on the market. Any reasons why some continue to sit on the market? For example in Burlingame there are a couple that have been on the market for sometime and the home looks good but for some reason it seems the owners haven’t found buyers.

    • Dan Gilmartin
      Written on

      Ajit, Thank you for your comment, we will try to get to this on our next minute a week from today. Next week we will be doing a longer more data filled minute, thanks for watching and for writing in!

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