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Monday Morning Market Minute – June 3rd, 2019

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 3rd, 2019, with your  Monday Morning Market Minute . 

Single family inventory from South San Francisco to Redwood City right now is 202 that is an inventory surge from 179 of last week  We had 58 homes come onto the market that is a huge number and we only had 28 homes go into contract.

Condominiums right now,109 condominiums thats up from 97  of last wee We had 25 condominiums come onto the market and we had only 9 condominiums go into contract.

So total total from South San Francisco to Redwood City inventory is 311, thats up from 276 of last week and a new 2019 peak! It is June and we always say June and July is when we reach our peak of inventory,  so we are right  on schedule and remember we are coming off a holiday weekend Memorial Day Weekend. So having 311 homes on the market right now is fantastic news for buyers because if you read the papers and heard the news interest rates just went down even more. Now last year the peak was 344 so there is some room for peak of inventory and as we all know last year was a strong year for sellers. Sellers there is still room here in the market place you just have to do the right thing and get your home prepare for the market and you will get sales. Buyers you have more choices this summer market is officially open and interest rates are down, so this a great week to go find something you love and make a great offer!

And by the way don’t forget to stay in tuned to  Beyond the Minute where Tim and myself will go deeper with these numbers and talk about more in our podcast Beyond the Minute.

Thanks for listening and we will talk to you next week!

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