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, August 19, 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 194 that is exactly the same as last week. We had 33 homes come onto the market which is below last weeks whopping 50. Only 30 homes went into contract, now thats been several weeks where we have not hit that 40 number we like to see week in and week out.
Condominiums right now, 84 condominiums that is up from 72 of last week and the 2019 peak for condominiums is 109 for reference. We had 24 condominiums come onto the market and 15 condominiums go into contract.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 278 , that is up from 266 of last week But still i am amazed that it is under 300. Again, the peak for 2019 is 313 and right now we are only at 278, I thought for sure by now that we would be over 300 homes on the market place. So what does this really mean ? Well for buyers it s good news because you can find homes that have been on the market for a long time, there should be a deal there. Fr sellers it is still a good time to sell with as low as inventory is, if you price your home properly and get your home prepared to go on the market you will receive offers. From South San Francisco to redwood city there is roughly 90,000 homes and we only have 278, listen this market is super efficient and its amazing. So if you are thinking of selling your home now is a good time, and there are probably some deals out there for buyers.
Continue to listen to Beyond the Minute where we will take a deeper dive into the numbers.
Thanks for listening and we will talk to you next week!