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, March 19th 2018 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 107 — that’s up from 101 of last week. We had 42 homes come on the market — that’s a healthy number, a little bit of breathing room for buyers, stuff to look at. And we had 33 homes go into contract. As predicted, that’s higher than last week’s 29.
For condominiums, right now we have 60 condominiums on the market — that’s up from 52 of last week. We had 30 condominiums come on the market, and we had 20 condominiums go into contract — that’s a healthy number.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 167 — that’s up from 153 of last week — that’s roughly 10%. So, if you’re a buyer, a little bit of breathing room, some more stuff to look at. Yet, inventory is still extremely low. So if you’re thinking of selling you home, now is still a great time, and there are talk about raising interest rates which naturally pull some of the buying power away from the buyers, so if you’re thinking of selling — I don’t want to sound like a salesperson; it’s just the truth — sooner is better than later.
Thanks for listening, have a great day, and I’ll talk to you next week.