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 4th 2019, with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now, 129 — that’s up from 121 of last week. Last year at this time, that number was 79. We had 28 homes come on the market — that is down from last week’s 35. Last year at this time, that number was 28. Very interesting to see the exact same number year over year with homes coming on the market. We also had 24 homes go into contract — that’s much better than last week’s 17, and getting closer, moving closer to the number that we like to see, which is 40 week in and week out.
Condominiums right now, 77 condominiums on the market — that’s up slightly from last week’s 70. We had 17 condominiums come on the market, and we had 13 condominiums go into contract — that’s a much better number than last week’s 11, and last year at this time, that number was 23.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 206 which is up from 191 of last week. Last year at this time, that number was 112. So yes, it’s a completely different number that sounds really big, but the reality is, 206 is still a very low number and interest rates are still down. So if you’re thinking of buying, this is a great oppotunity for you right now to find a great home. There’s more selection and interest rates are still down. If you’re thinking of selling, it’s still a great time to do so. You just have to do the right thing and prepare your home properly and put the right price on there so you can beat the competition.
Hey, we’re gonna go deeper into this conversation on our new podcast called Beyond The Minute. Tim and I will go much deeper in the conversation of what the numbers mean. Thanks for listening, have a great day, and I’ll talk to you next week.