Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, March 3rd 2019, with your Monday Morning Market Minute.

Single-family inventory from South San Francisco to Redwood City right now is 165. Only 165 homes on the market. We had 44 homes come on the market. And we had 31 homes go into contract — that’s better than last week’s 26. It’s not the 40-number we like to see week in and week out but still a very healthy number.

Condominiums right now, 69 condominiums on the market — that’s down from 77 of last week. We had 13 condominiums come on the market. We had 18 condominiums go into contract, a very good number, and last week we had 18.

Also we had 13 homes either expire, withdraw or come off the market — kind of a high number, and 9 homes lower the price. Again, very interesting number, ’cause that’s a little higher than we normally see.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 234, up slightly from 227 of last week. So this market continues to show its resiliency, and is very very healthy. There’s more homes — like I’ve been saying — on the market than last year, which is better for buyers, and yet sellers, when done correctly, can still get a great price for their home.

Thanks for listening, have a great day, and I’ll talk to you next week.