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 25th 2018, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 185 which is a 2018 peak. We had 47 homes come on the market and we had 39 homes go into contract — that’s right around that 40-number that we like to see week in and week out.
Condominiums, 59 condominiums on the market — that’s up from 56 of last week. We had 15 condominiums come on the market, and we had 23 condominiums go into contract — that’s a very very healthy number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 244. That’s up from 240 of last week, and a new 2018 peak.
So where is this market going? You may have heard me say this in the past. From South San Francisco to Redwood City, there’s roughly 66,000 single-family homes, and right now there’s only 185 homes on the market. There’s 3,000 agents that belong to the board, roughly. I would conservatively think that at least 1,200 of them are trying to make a living from South San Francisco to Redwood City. So I have 1,200 agents, trying to sell 185 homes, and yet that’s the peak so far for 2018. It’s my personal opinion that once we reach 350-400 homes on the market, we are going well into a buyer’s market. So as you can see, we are way away, far away from that. But this market is still showing us how efficient it is. So if you’re thinking of selling your home, now is still a great time.
Thanks for listening, have a great day, and I’ll talk to you next week.