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 25th 2019, with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 150 — that’s up from 134 of last week. Last year at this time, that number was 98. We had 39 homes come on the market. Last year at this time, we had 44 homes come to market — that’s interesting. We also had 26 homes go into contract — that’s not the 40-number we like to see week in and week out. Last week, if you might remember, that number was 32.
Condominiums right now, we have 77 condominiums on the market — that’s up slightly from 72 of last week. Last year at this time, that number was 42. We had 21 condominiums come on the market — that’s a very big number, much larger than last week’s 12. Last year that number was only 14. And we had 18 condominiums go into contract — that’s a healthy number.
Here’s something that’s interesting as well: we had 7 homes either expire, withdraw or cancel from the market, and we had 12 homes reduce their price — that’s a very large number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 227. Now that’s up from 206 of last week, and last year at this time, that number was 140. So what does that mean? Well, what it really means is that it’s a much healthier market right now for both buyer and seller than it was last year. Last year was very very heavy weighted for the sellers. Now with more inventory — still relatively low in the big picture, but more inventory, interest rates are still down. This is very healthy. Buyers have more choices and interest rates allow them to make offers. And sellers, when you do it right, when you price your home right, get your home prepared to go on the market and hire the right agent, you can still have a multiple offer situation, and reap the rewards of still relatively low inventory. And yet like I said, buyers, there’s more to choose from, and you can get a great loan.
Thanks for listening, have a great day, and I’ll talk to you next week.