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 29th, 2020 with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is now is 181. That’s down from 195 of last week. Last year at this time, the number was 204. Amazing. We also hit 50 homes come on the market last week. Last week was 49. That number has been strong. Week after week, showing lots of confidence building from the sellers meeting during this pandemic, during this financial crisis that we’re currently in, they feel comfortable putting their homes on the market. And there’s a reason why 56 homes wanted to contract last week. That’s a new 2020 peak of sales week over week. Last week was a peak at 49. Last year this time, that number was only 37. That’s a very, very encouraging to numbers. 50 homes come on the market. 56 homes go a contract.
Condominiums right now 107 condominiums on the market that’s up from 97 of last week. We had 21 condominiums come on the market last week. Last year at this time that number was 92. Very interesting. You would think that number would be lower because it’s out. And, you know, condominiums are usually easier in terms of a price range to get into more buyer pool. And yet inventory rose there with with market and 15 condominiums going to convert. That’s a pretty good number. Last week was 12. I mean, all in all, 15 go on to contract. That’s good.
Also, we had 11 homes either expire, cancel, withdraw from the marketplace and we had another 18 homes reduced their price the week before that was 26. So, again, there’s a correlation there. Those are two very strong numbers, high numbers. And yet, you know, you get the price reductions and you get a lot of sales.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 288. That’s down from to 292 of last week, last year at this time. Very interesting. The number was 296. So we’re kind of a trailing right there from last year’s number. Yet we’re we’re lower where it’s so it’s it’s so encouraging to see these many sales come happen, this type of homes inventory come on the market. The real estate market is certainly continuing to lead this economic recovery. Interest rates are down. You know, experts are even reiterating. What I’m saying is that the the sale numbers are a lot higher than some of the below the experts were saying. So right now, the housing market is certainly showing lots of strength. So if you put off your, you know, put it off your thoughts of putting your home on the market, or buying a home because of COVID-19, I think now is time to reconsider that thought. And if that’s the case, certainly give us a call, because this market, if this continues with the continued low inventory, extremely low interest rates, it’s heating up. I said it last week. The summer is now. This year’s new spring market is heating up. Get involved if you were thinking about doing real estate this year.
Thanks for listening. Have a great day. And I’ll talk to you next week.