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, February 10th 2020, Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 111 thats waaay up from 87 of last week! Isn’t that interesting we get through the holidays and we get passed the Super Bowl and we have 111 homes on the market that is 49 more homes on the market. That is a very normal number. Last year at this time inventory was a 138 so still inventory is way down from what it was last year. We had 49 homes come onto the market and 22 homes go into contract which a low number but last week we were coming off of a low inventory, i bet next week will see that number closer to the 40 number we like to see week in and week out. Last year at this time 21 homes went into contract and in 2017 33 homes went into contract.
Condominiums right now…59 condominiums thats up from 50, last year at this time that number was 79 so still inventory is still really low compared to last year.. We had 21 condominiums come onto the market and 14 condominiums go into contract, last year at this time 14 condominiums go into contract, 2017 14 condominiums into contract, isn’t that interesting.
We had 2 homes either expire, cancel or withdraw from the market place, last year at this time that number was 10 big big difference. Last year if you recall we were coming through the new year and the rhetoric was how many interest hikes were we going to have was it 2 or 3? If you recall that didn’t happen, rates actually went down.
Price reductions we had 11 price reductions last week. Here we are in a Sellers market inventory is really low, and we had 11 price reductions, what is that all about? Well, certainly people are stretching, some sellers try to stretch and that is the worst thing you can do as a seller and if you are reducing your price in a seller’s market like this you did something wrong, you did not prepare your home to sell and put the right price on it.
So total inventory from South San Francisco to Redwood City single family homes and condominiums is…160 that is way up from from 137 of last week !! last year at this time that though number was 217, so we had a spike but still inventory is way down from even last year, and buyers even though we have a total of 160 opportunities out there from South San Francisco to Redwood City that is still really really low number. So what am i ultimately getting at? If you are thinking of selling your home, which I think a lot of people are hearing around town people are considering are we getting towards the end of the cycle is this the final year of the cycle??… We don’t know, but if you are thinking of selling your home sooner is better than later! Something i once heard long ago from someone, the sailor that puts up their sale first ultimately wins the race.
Thanks for listening have a great day and we will talk to you next week.