Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, August 3rd 2020, Tara Gilmartin’s Birthday, Monday Morning Market Minute.
Single family inventory, from South San Francisco to Redwood City, right now was 195 that is down from 205 of last week ending several weeks in a row of inventory growing and hitting a peak now we’re going back down it’ll be interesting to see if we continue to go back down if we’ve hit that bell curve if you will for the inventory
bell curve. Last year this time the number was 182 again, this year 195 for single family home inventory 45 homes came on the market last week that number was 15 the weeks prior were 50. We also had 40 homes go under contract that’s the number we like to see weekend and week out but last week that number was 47 and several weeks past that there were you know we were hovering around the 50 number.
Condominiums 148 condominiums on the market that’s actually up slightly from 141 of last week. Last year at this time that number was 81. So that’s a that’s been a very interesting number to watch uh here uh with the condominiums how much how many more condominiums on the market year over year uh with the 148 we also we had 24 condominiums come on the market last week the number was 30 and we had 15 condominiums going to contract that’s a good average healthy number lower than last week’s 21. We also had 20 homes either cancel withdraw or expire from the marketplace that’s what that’s a little on the high side for uh what we’re calling the summer spring market and another 24 homes reduce their price now that is a large number and that is three weeks in a row of a large price reduction number last year this time that number was only 12.
So total total from south San Francisco to Redwood City. single family homes and condominiums inventory is 343 that’s down from 346 of last week. Last year this time that number was 263. So for buyers again we still have you know pretty good inventory out there in the big picture it’s still very very low. So that boasts you know low inventory is good for sellers, right? And yet uh with the interest rates the way they are right now and you know a little bit more inventory than we’ve been seeing is great for the buyer so right now we literally are in the thick of this summer this new summer spring market so if you’re thinking of doing any type of real estate
things are you know the market is definitely functioning very efficiently.
Thanks for listening have a great day and I’ll talk to you next week.