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 2nd 2020 Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 117 that is up from 131 thats up from 117 of last week. Last year at this time that number was 165 so thats still way below last years inventory number. We had 44 homes come on the market, thats higher than last weeks 38, last year at this time 44 homes came on the market. We had 31 homes go into contract thats better than last weeks 29. Last year at this time that number was 31, and I only bring that up whats going on last year because isn’t it interesting the rhythm of the market and how it abs and flows an the inventory count and how many sales, its remarkable how efficient this market is to the point where we can almost predict how many homes are on the market and how many are going t sell.
Condominiums right now…61 condominiums on the market thats up from 56 of last week. We had 19 new condominiums come on the market and 19 condominiums go into contract.
10 homes either expired cancel or withdraw from the market place. Last year that number was 13 and we had 6 homes reduce their price and yet last year that number was 9. Having 10 homes expire and and reduce their price seems like a high number, it really is a low number but seems high with such low inventory.
So total inventory from South San Francisco to Redwood City single family homes and condominiums is…192 that is up from 173 of last week ,and a new 2020 peak of inventory. Last year at this time that number was 234! Which again that is a low number, 192 is just an incredibly low number for right now, we also all know we had a very interesting week when it comes to the stock market, regarding the coronavirus. The stock market went down I believe 13% thats amazing the worst drop since 2008 and yet we still had the 31 homes go into contract, yes we like to see 40 homes go into contract week in an week out, with such low inventory 31 is a really great number. Only time will tell if this is going to impact our market, right now its showing that its not , with such low inventory its still a great Time to put your home on the market.
Thanks for listening have a great day and we will talk to you next week.