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 8th, 2020 with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 187 that is up form 171 of last week. Last year at this time that number was 202, so still tighter than last year We had 49 homes come on the market. That’s more than last weeks 30. That’s an important number. That show confidence – sellers putter their homes on the market. 49 is a normal market, you know, B.C. – before COVID type of number. We also had 30 homes go into contract, that is better than last week’s 21. As you may recall, in weeks past 30 has been the number. So we’re back to this new foundation of sales week-over-week, around 30. In a B.C., before COVID number we like to see at 40. But 30 right now with such low inventory is a fantastic, healthy number!
Condominiums right now 92 on the market. Last week was 91, last year at this time that number was 104. We had 20 condos come on the market, that’s better than last week’s 17 Again, that’s a good confidence number. And we had 19 condominiums go into contract. That’s a great number! Last week it was only 7. We also had 18 homes either expired cancelled or withdrew from the market place and we had 17 homes reduce their price.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…279 that’s up from 262 of last week. Last year at this time that number was 306. Hey – we heard about he may unemployment numbers – we added two and a half million jobs to the economy. We still have a lot more work to do there, that we know! But – hey – that is an awesome number in terms of optimism. In terms of seeing where we’re going – in terms of the real estate market leading the way of this recovery. It’s happening! We’re seeing homes come on the market, we’re seeing homes getting sold – even some old inventory is getting sold. This is a very positive thing! The “v” shave type of recovery is looking more probable. Again, only time will tell. Here for the mid-peninsula inventory is low, people are out buying, interest rates are low, unemployment has gone down – we keep this trajectory we’re going to get through this.
Thanks for listening, have a great day, and I’ll talk to you next week.