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 30th, 2020 Monday Morning Market Minute.
Currently sporting the health virus stay at home beard.This week we definitely want to get back to the normal time of the Monday Morning Market Minute, last weeks was much longer more like a state of the union so if you didn’t see last weeks minute I highly encourage you . to do that. i went into depth about if this recession that we are in or going to be in some of us are already in and how it does not mean a housing crisis. There is a lot of data showing that, in this self imposed economic situation because of the virus means once we release the pause are probably going to swing right back and there will be pent up demand.
Single-family inventory from South San Francisco to Redwood City right now is 119 that is down 123 of last. Last year at this time that umber was 150, way less single family homes on the market year over year. We had 14 homes come on the market this last week and 14 homes go into contract. Now 14 is nowhere near the 40 number we like to see week in and week out, but with such low inventory and considering what is going on thats a pretty healthy number. Last year at this time that number was 50.
Condominiums – 49 condominiums on the market that is up slightly from 46 of last week. We had 7 condominiums come on the market and we had 8 condominiums go into contract. Last year at this time that number was 12.
For the cancelled expired and withdrawals that number was 14. Last week I believe that number was 59, massive massive number. Those that were thinking of coming off the market did so almost immediately. We had 2 homes reduce their price, that is not a very big number.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 168 that is down from 169 of last week. Last year at this time that number was 214. 168 that si like a mid December number we typically see. Now the first Monday of 2020 there was 103 homes on the market, right now we are at 168 so really low inventory. What does this mean going forward? A lot of people are thinking of pause right now we are finishing our second week of the Shelter in Place. Some good news for Real Estate Agents, we are now considered and essential part of the economy, I am able to drive down to the office and able to conduct business. There are homes for sale there are people who want to sell their home and we do have buyers who want to buy a home, interest rates are still really really low and I am speaking with my mortgage brokers and they are able to do loans, appraisers are able to go out and appraise homes most are. A few other things, the income tax as everyone knows has been delayed to July 15, but the property taxes are still due April 10th. From my readings if the person cannot pay their property tax they may work with you on penalties, but they are still due April 10th. We realtors are essential now, however we are not able to have open houses and not able to have in . person marketing per se, so we are still working on and doing virtual tours. We have videos, FaceTime showings and other virtual type showings. We can show you a home virtually get the inspections read up on and the now we can make an offer, that offer can be subject to walking through the home. So certainly sure most sellers would understand that particular contingency right now. That is how we sell apartment buildings.
Interest rates are still extremely low, now is still a good time to get a loan, and yet if you are wanting to take a pause that is good too. Moreover at the Gilmartin Group we are hoping that everyone is safe, and that you are not going too crazy on your Shelter in Place, but obviously it is for the good of everybody. Continue please to support our local restaurants in the togo and things of that nature, we are working through this. The way I see it that we have purposely put the economy on pause so when we press play, be ready for this economy and great country of ours to rev it right back up, be prepared for that. As a buyer be prepared there will be a lot of other buyers out there ready to go, Sellers there will be a lot of sellers coming on. Again please listen to last weeks Minute where I discuss how this does not mean a housing meltdown by any means, there is data that we will not see a huge onslaught of foreclosures in this self imposed economic slow down.
We hope everyone is safe and all your friends and family are safe. Thanks for listening, we will definitely have the Monday Morning Market next week