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 17th, 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 219 that is up from 204 of last week and a New 2019 PEAK. Last year at this time the number was 186 and was the 2018 peak for that time. We had 57 homes come onto the market and only 31 go into contract as you know we like to see 40 week in and week out.
Condominiums right now, 94 condominiums thats down from 102 of last week. We had 18 condominiums come onto the market and we had 20 condominiums go into contract that is a healthy number!
So total total from South San Francisco to Redwood City inventory is 313, that is up from 306 of last week and a new 2019 peak in inventory! Last year at this time that number was 244, now remember the 2018 peak total was 344 however last year at this time that 244 at this time of the year was the peak for the year. The market is moving at the exact same pace in terms of hitting peaks at the same time, what not and movement, although the number is higher this year. Relatively in the big macro picture, inventory is very low although we are at at 2019 peak, only 313 homes for sale? In the big picture that is a low number. Better for buyers right now, interest rates are down, sellers you can still get them sold and a great time do that right now in the Summer months
Thanks for listening and we will talk to you next week!