Real Estate Update – Mid Peninsula
Strong sells drive down inventory this week. Dan Gilmartin explains the weekly house inventory numbers.
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Transcript – Hi, this is Dan Gilmartin with the Gilmartin Group Real Estate Company in Burlingame, California. July 5th, Tuesday, with your Monday Morning Market Minute. I hope everybody had a great 4th of July. I know we did. Thank you Wyland Family for a wonderful party. Okay, here’s the inventory from South San Francisco to Redwood City, single-family inventory, 182. That’s down from 203. We had 28 homes come on to the market, and we had 53 homes go into contract. Now last week we only had 34, and as you’ve heard me say, at least 40 week over week is a good average — 53 sales, great job. Condos, active inventory for condos is 58. That’s down from 61, the week before that was 75. So inventory’s coming down on the condominiums. We had 7 condominiums come into the market, we had 12 go into contract. So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 240. That’s down 12% from 274 of last week. Market’s working here. I guess people are trying to buy those homes to get into their home before the school starts. Hey, thanks for listening, have a great day, I’ll talk to you next week.