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 26th, 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 184 that is down from 194 of last week. We had 30 homes come onto the market and 38 homes go into contract thats much better than what we have been seeing week over week. Its not quite the 40 number but right there.
Condominiums right now, 84 condominiums that is exactly the same as last week. We had 16 condominiums come onto the market and 12 condominiums go into contract. Here is something interesting, 19 price reductions, that is a large umber!
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 268 , that is down from 278. What is going on here? This market is operating very very well. People are asking me how is this possible for it to be good for the buyers and the sellers, well, Sellers relatively inventory is Low with only 268 homes on the market in the big picture that is low and yet 19 price reductions!? That leaves opportunity for buyers. Sellers who price their home properly and get their home prepared to go on the market are receiving multiple offers. So, there is a way to work this market to be beneficiary for either way buyer or seller, but I will tell you this is showing how this market is clearly efficient.
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!