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, July 8th, 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 180 that is down from 204 of last week and last year at this time that number was 155. We had 10 homes come onto the market that is an extremely low number that is the kind of number we see the first week of the year. Last wee kthat number was 31, last year at this time 31. We had 37 homes go into contract which is a pretty healthy number on a holiday week.
Condominiums right now, 79 condominiums on the market right now that is down 92 of last week. We had 5 condominiums come onto the market again extremely low number, holiday week and we had 11 condominiums go into contract not as healthy as last weeks 18 but not too bad of a number.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 259, that is down 296 of last week. That is t2wo weeks in a row of inventory going down usually when inventory tends to build. Last year at this time that number was 222, so why am i brining up last year ? Well we all know that 2018 was a very strong sellers market, and we were wondering if 2019 was going to be like that, we have more inventory this year than last year but the difference between 259 today and 222 last year really isnt that far off. What does it really mean? This market continues to show resilience, it is still a good time to sell and for buyer it is better to have more homes on teh market, interest rates are down and they are talking about bringing them down again. This whole market is showing a lot of opportunity for both sides of the fence.
Dont forget to listen to Beyond the Minute where Tim and myself are going to dive deeper into these numbers and what they mean.
Thanks for listening, have a great day and we will talk to you next week!