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/
Video Transcript
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, February 24th 2020 Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 117 that is up from 99 of last week and represents a year to date peak of inventory here in february. Last year at this time that number was 150, what a difference. We had only 38 homes come onto the market and only 29 homes go into contract, then again 29 is a pretty good number when there were only 99 to start with.
Condominiums right now…56 condominiums thats down from 62 of last week. Last year at this time we had 77 condominiums on the market. We had 15 condominiums come onto the market and 20 condominiums go into contract, thats a humongous number, last year at this time that number was 18.
Here is something interesting we had 7 homes either expire cancel or withdraw from the market place. Last year at this time 7 the same thing and we had 3 price reductions. Last year at this time that number was 12. Inventory is WAY below last year. Last year we had 12 price reductions versus this years 3, what is this all saying ? Clearly it says that the 2020 market is RED HOT, it is a lot hotter than people even thought it was going to be in fact people thought it might even be slowing down.
So total inventory from South San Francisco to Redwood City single family homes and condominiums is…173 thats up from 161 of last week, last year at this time that number was 227. Which is not even a big number and yet here we are at a 173! So if you are thinking of selling your home now is a fabulous time, as we move forward looking here into the future what is in our future? We have holidays coming up in April, tax day coming up in April, so if you can get that done before then I think that would bode well, right now looking at what is going on interest rates where they are economy where it is at, right now we are looking at a great can i say year? Certainly this first half and first quarter is fabulous!
Thanks for listening have a great day and we will talk to you next week.
We will be doing our podcast and the topic for the Podcast is going to be Market Predictions for 2020! Definitely tune into our podcast Beyond the Minute Podcast.