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, March 16th 2020 Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 160 that is up slightly from 156 of last week and last year at this time that number was 170. We had 43 homes come on the market, thats less than last weeks 56 last year at this time 43 homes came on the market. I just want to pause really fast we have a lot of turmoil going on right now regarding the virus isn’t that amazing? No matter what is going on we still had 43 homes come on the market and exact same number as last year.. and we had 39 homes go into contract last week that number was 33 , so it is up good good news.
Condominiums right now…71 condominiums on the market thats up from 70 of last week last week at this time that number was 63 so we have crossed a barrier first time in 2020 where inventory was more than last year. WE had 71 condominiums on the market, last year at this time. That is interesting how the condominiums have caught up to last years number. We had 21 new condominiums come on the market and 17 condominiums go into contract. Last year that number was 21. Last year the condominiums had a bigger week.
Also important here we had 10 homes either expire cancel or withdraw from the market place and we had 12 homes reduce their price, now thats kind of a large number.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 231 that is up from 226, last year at this time the number was 233. So we are coming into the line with last years inventory and all in all that is still an extremely low number. So, big question is, is it a good time to buy right now? Is it a good time to sell? I am hearing it from both sides. Inventory is still low, and we have buyers who are buying, I know of at least 5 homes last week that had multiple offers on them. Lots of confusion right now, we say here a lot at the Gilmartin Group, in confusion lies opportunity. This could be an opportunity for buyers not to be involved in a major price or bidding war, although we did see homes have multiple offers. Sellers, less inventory is always best for sellers. Very interesting. Main thing is a few things, interest rates are super low, probably go down even more because of whats going on. Investment in real estate is always a great investment to have for long term clearly right now what is going on with the markets it shows how powerful a long term strategy is. And having a home right now to cocoon yourself right now to go to a nice fresh new home for your family when your family can feel safe is only good for your family and better for economics in general.
Thanks for listening have a great day and we will talk to you next week.