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, June 10th, 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 202 exactly the same number as last week . We had 43 homes come onto the market, that is down from last weeks whopping 58 and we had 39 homes go into contract, that is up from last weeks 28. Right near that 40 number we like to see week in and week out.
Condominiums right now,104 condominiums thats down from 109 last week We had 19 condominiums come onto the market and we had only 21 condominiums go into contract, that is a great number! Also we had 10 homes either withdraw, cancel, expire from the market place and we had 26 price reductions, that is a huge number and highest for 2019
So total total from South San Francisco to Redwood City inventory is 306, thats down from 311 i really thought we were going to go above 311 this week! Last week 2018 the peak was 344, here we are in June and June and July are where we usually hit the peak for the year, and we had inventory go down! That just shows how resilient this market is. Interest rates went down that is probably a big part of it and and price reductions that is a big part of it, however the big part o this news is that inventory did not rise it went down! If you are still thinking of selling your home now is a good time, and buyers still more inventory out there, with more inventory meant more sales.
Thanks for listening and we will talk to you next week!