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 22nd, 2020 with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 195. That is down from 200 of last week. Last year at this time the number was 219. We had 49 homes come on the market last week the number was 46. Those are very healthy numbers normal B.C. before COVID numbers of homes coming on the market. So that’s a good sign. And we had 49 homes go into contract that is the best week in 2020! Last week that number was 36 so it’s trending up last year at this time the number is 31 and the last peak for 2020 was the week of March 16th with 39 closings as you know and March 15th we had our official SIP shelter in place declared. So here we are June 22nd with our best week of sales forty nine. Very very encouraging.
Condominiums right now 97 condominiums on the market that’s up from 91 of last week. We had 21 condominiums come on the market last week. The number was 19 again that’s positive because sellers are feeling comfortable and positive putting their homes on the market and we had 12 condominiums go into contract. That number is down from last week’s 20.
We also had 14 homes either cancel withdraw or expire from the marketplace. But here’s something very interesting. Twenty six price reduction that’s a very very large number. So we have 49 single family homes very large number coincidentally with a 26 price reductions. There is a correlation there.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 292 that’s up from291 of last week but last year this time the numbers 313. So inventory is extremely low as you can see we are having sales, one of the main things we’re seeing that if the home is ready to move in and you know hits all the boxes there’s nothing quirky about it. It’s getting sold and meeting with multiple multiple offers. So if you are thinking of selling your home and you’re getting ready prepare your home in the market now is showing to be a very good time as we are saying here in the office this summer. Right now the “summer is the new spring market.”
Thanks for listening. Have a great day and we’ll talk to you next week.