Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, January 28th 2019, with your Monday Morning Market Minute.

Single-family inventory from South San Francisco to Redwood City right now, 121 — that’s up from 104 of last week, and last year at this time, that number was 84. We had 35 homes come on the market — that’s up from 24 of last week. Last year at this time, very interesting, we had 46 come on the market that last week. We also had 17 homes go into contract. That’s not the number we’re looking for. Last week we had 20. Last year at this time, very interesting enough, 34 homes went into contract last year at this time.

Condominiums right now, 70 condominiums on the market. Last week that number was 66. Last year at this time, that number was 51. We had 14 condominiums come on the market, and we had 11 condominiums go into contract. That’s lower than last week’s 13, and last year at this time, that number was 13.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 191 — that’s up 1 from 170 of last week. Last year at this time, that number was 125. So this week before Super Bowl is a very interesting week to watch. For instance, it almost feels like it’s the last part of a party, if you will, for the beginning of the new year. So it’s going to be interesting to hear, with this new inventory, are the sales going to follow?

Thanks for listening, have a great day, and we’ll talk to you next week. And, I’d like to invite you to continue to listen to the podcast Beyond the Minute where Tim and myself go deeper into these numbers. Have a great day.