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, June 11th 2018, with your Monday Morning Market Minute.
Okay, time to start paying attention. We got some key indicators right here. Markets moving very efficient, but yet there’s things going on that we need to watch here in the future. So, single-family inventory from South San Francisco to Redwood City right now is 176 — that’s up two ticks from 174 of last week. We had 45 homes come on the market — that’s a healthy number, but we also had 40 homes go into contract, right on schedule, what we like to see week in and week out.
Condominiums, 60 condominiums on the market — that’s up from 58 of last week. We had 25 condominiums come on the market — that’s a healthy number. And we also had 15 condominiums going into contract — that’s a very good number as well.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 240. That’s up from 232 of last week, and a new 2018 high for inventory. So here’s some interesting points of view: in 2014, that number was 268 on this date. Well last year at this time, that number was 205. 2016, that number was 271. So here we are at 240. Now as inventory probably continues to rise — better for buyers, there’s more things to look at — still very low inventory. And, if you’re thinking of selling, now is the time, because you want to get in before the rest of the competition and before school starts again.
Thanks for listening, have a great day, and I’ll talk to you next week.