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 9th 2018, with your Monday Morning Market Minute.
Okay, this is coming to you late. It’s because our marketing department is having a baby today, maybe even right now.
So, we just came through this 4th of July week, and I just want to say thank you again to the Wylans for hosting another wonderful 4th of July party, and what great fireworks.
Okay, single-family inventory from South San Francisco to Redwood City right now is 155 — that’s down from 168 of last week. We had 31 homes come on the market which is a low number, and we had 31 homes go into contract which is also a low number, especially we want to see that 40 week in and week out.
Condominiums right now, 67 condominiums on the market — that’s up from 54 of last week. We had 19 condominiums come on the market, and we only had 8 condominiums go into contract — that’s a low number.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 222. Last week that number was 222. So where are we gonna go from here? Last year at this time, that number was 191. So as we go through the summer months here, is the inventory gonna continue to rise, or are we plateauing right now? Only time will tell. But market is showing it’s still a good time to put your home on the market and get you what you want and the time you want. Won’t that be great?
Thanks for listening, have a great day, and I’ll talk to you next week.