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 25th 2019, with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 174. That’s up slightly from last weeks 170. We had 49 homes come on the market and we had 34 home go into contract. That’s not the 40 number we like to see but — that’s still a healthy number — especially when inventory went down a little bit.
Condominiums right now, 57 condominiums on the market — that’s down from 63 of last week. We had 13 condominiums come on the market — we had 17 condominiums go into contract — that’s not as good as last weeks 21 but still a very healthy number.
Here is something very interesting, 11 homes either expired, withdrew or cancelled — out of the market place. That’s kind of a big number. What happened there? Also, 16 homes reduced their price. Now the market is very healthy right now so if you’re finding yourself reducing the price or deciding to take your home off the market — you’ve done something wrong. Because interest rates are low — there are plenty of buyers and the market is very, very healthy.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 231 — that’s down from 233 and that is the third week in a row in 2019 that the inventory has actually gone down. To my point — a very healthy market. More inventory than last year at this time — better for buyers — and yet homes are selling when you do the right thing, when you prepare the home property and put that right price on there, you’re going to get multiple offers.
Thanks for listening, have a great day, and I’ll talk to you next week.