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 11th 2019, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 138 — that’s up from last week’s 129. We had 38 homes come on the market — that’s more than last week’s 28. Last year at this time, that number was 45. We have 21 homes went into contract — that’s slightly less than last week’s 24. Last year at this time, that number was 33.
Condominiums right now, 79 condominiums on the market — that’s up slightly from last week’s 77. We had 23 condominiums come on the market, and we had 14 condominiums go into contract — that’s just a little bit better than last week’s 13. Last year at this time, that number was 14.
Here’s something interesting, we also had 10 price reductions last week. Now different kind of atmosphere ’cause last year at this time, that number was only 1.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 217. Now that’s up from 206 of last week. Last year at this time, that number was 129. So that sounds like a huge difference, but in the big picture, only having 217 homes on the market is still a very low number, and last year, that was really the May-June-July average. So, there’s still more homes on the market than last year, but, great for buyers and still also a good time for sellers.
Thanks for listening, have a great day, and I’ll talk to you next week.