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 6th, 2020 Monday Morning Market Minute.
Before I get started I want to put out a huge shout out to all the women and men on the front lines battling this war this Pandemic War for us. Right now we are hearing maybe there is a flicker of light at the end of the tunnel and we just couldn’t be doing this without you guys, thank you so much, all of us are so appreciative of all the women and men on the front lines battling this war for us.
Single-family inventory from South San Francisco to Redwood City right now is 140 that is up from 119 of last week. Last year at this time that umber was 140, amazing! We had 26 homes come on the market that is better than last weeks 14, why is that batter? Because home sellers know what is going on, they can see the uncertainty that is going yet they decided to put their home on the market homes, which means we can help sell those homes and keep the economy going forward.go into contract. We also had 13 homes go into contract, that is not the 40 number we like to see week in week out, but last weeks inventory number was 119, so we had 13 homes sell out of the 119 that’s fantastic news, obviously ladies and gentlemen its not easy for real estate agents to show homes right now we cant do open houses we cant do brokers tours and yet we are still able to sell 13 homes out of 119, that is very very good.
Condominiums – 48 condominiums on the market that is down from 49 of last week. Last year at this time taht number was 60. We had 5 condominiums come on the market and we only had 4 condominiums go into contract. Again that is not a big healthy number but it is a number. We are making sales, which is very very good for this economy.
We had 10 homes that either cancelled expired and withdrawals at this time. Last year that number was 12, now its always better for the real estate economy to have less homes taking their homes off the market than previous years so thats a healthy number 10 versus 12. We also had 10 homes reduce their price.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 188 that is up from 168 of last week. Last year at this time that number was 200. Now 200 is a low number, obviously 188 is a lower number a big part of it is because homes took themselves off the market when the Pandemic hit but yet with low inventory that only bodes well for sellers for sellers deciding to go on the market. We put a couple homes on the market on Friday we got a lot of activity because there wasn’t much else coming on the market being the only one out on the market place supply and demand was very helpful.
There a few things i want to reiterate want you to remember that a Recession does not equal a Housing Crisis. We pressed pause on this economy, this is all self induced, it is clear that the impact on the GDP will allow us to technically call this a Recession but again this is a self induced recession. The housing sector is entering this self induced recession way under built, rather than overbuilt like in the last recession which means when the economy rebounds after we press play the housing is set up to lead the way out. Especially because the housing sector is a 5th of the GDP, so when we press play the housing sector is going to be a major part of driving this whole economic recovery forward. We have to continue to do our part, continue to use “togo” and go out and spend the little bit of money we have on our essential things to keep our economy going, and be part of the recovery in buying a home. There is so much opportunity as a buyer with all this confusion going on you really need to keep your long term perspective going. Research shows that past pandemics have created V shaped economic recovery, which is promising news for buyers in the market today because the supply will not meet the demand when we press play. When we are ready to get this thing back and going for the housing sector right here the supply is not going to meet the demand so that is going to bode well for the buyers who are able to buy now. I want to reiterate that housing is going to continue it is a huge part of our economy, a recession a self induced Recession a very short one at that does not equal a housing crisis.
Again i want to say thank you so much to the men and women on the front lines, God Bless You, we hope all of you are staying healthy and safe and we look forward to getting through this with all of you, God Bless talk to you next week.
One Response to “Monday Morning Market Minute- April 6th, 2020”
Is there anything new on renter and there leases in the San Mateo county coming up? Thank you