Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, December 3rd 2018, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 167 — that’s down from 185 of last week. We had 21 homes on the market, which is a pretty big number for this time of year — and we had 26 homes go into contract; not the 40-number that we like to see week in and week out, but pretty good for this time of year.
Condominiums right now, 75 condominiums on the market — that’s down 1 tick of last week’s 76. We had 17 condominiums come to market, and we had 9 condominiums go into contract — that’s a low number.
Here’s something very interesting and you’ve heard me say in the past: expires, cancels, withdrawns, put those together, 25 homes, either expired, withdrew or cancelled in the marketplace — that’s a bit number but very typical for this time of year. Also we had 16 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 242 — that’s down from 261 of last week. So what does this mean? Hey, if the inventory was going up at this time, that would mean something completely different. The market is showing its normal resiliency, jobs are still good, they’re holding off on those interest rates. So if you’re thinking of buying, right now is buying season. 16 price reductions — now is the time to find a great home and get in before — well, you can’t really get in before the holidays, unless you have a great mortgage broker, which we do have.
So thanks for listening, have a great day, and I’ll talk to you next week.