Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, July 23rd 2018, with your Monday Morning Market Minute.
Okay, we have some great information here, because if you think about it, if you’re wanting to buy a new home and close escrow before the start of the new school year, look what just happened.
South San Francisco to Redwood City, single-family inventory is 155, that’s down from 161 of last week. Last year at this time, that number was 135. We had 57 homes come on the market — pretty healthy number, but we had 51 homes go into contract — that’s a huge number — 61 being the largest number for 2018, and that was back in April.
Condominiums right now, 64 condominiums on the market. That’s up from 62 of last week. And last year at this time, that number was 62. We had 18 condominiums come on the market, and we had 23 condominiums go into contract — that’s a huge number — 26 being the largest number for 2018.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 219 — that is down from 223 of last week, and last year at this time, that number was 197. So people came home last week from vacation, bought a home to get into the start of a new school year and inventory drops. So if you’re thinking of selling your home, information says now is still a great time.
Thanks for listening, have a great day, and I’ll talk to you next week.