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Monday Morning Market Minute – June 1st, 2020

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, June 1st, 2020 with your Monday Morning Market Minute. 

 Single-family inventory from South San Francisco to Redwood City right now is 171 that is up slightly form last weeks 164. Last year at this time that number was 202, so we are still under last years number at this time. We had 30 homes come on the market and 21 homes go into contract, that is lower than last weeks 30. You may have heard me in weeks past we were finding this level around 30, that is typical hone we go into a holiday weekend. Probably typical with the Memorial Day weekend.

Condominiums right now 91 on the market thats up from 79 of last week. Las year at this time 104 so way down from las year. We had 17 condos come on the market and 7 go into contract that is a bit of a lower number than we like to see especially from last weeks 40.

We also had 9 homes either expired cancelled or withdrew. Last year at this time that number was 10. Amazing how this mirrors each other! We had 23 homes reduce their price, last year that number was 26, amazing  to see how the years this mirrors each other.  When you watch the market minute you can see how the numbers eb and flow.

So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…262 thats up from 243 of last week. Last year at this time that number was 306, inventory is way way down. Interest rates are still way way down. Buyers are out and about, we had appointment only Open Houses all weekend and all of our listings had people coming through. In terms of where are we? In terms of this being the last month of the second quarter, we are probably anywhere from 5 to 10% off from last years sales price. What we are seeing on the closed transactions is anywhere from over 5 to 10 % year over year price pull back.

One last thing I would like to leave with you with is there is a lot of hostility in the world right now, its bad enough we are getting through COVID-19, but there is is a lot of unrest and I want to leave you with a quote..

“When the power of love over comes the love of power, the world will know peace”- Jimi Hendrix

Spread the love and I will talk to you next week.

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