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 9th 2020 Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 156 that is up from 131 of last week that is a big jump but right on pace. Last year that number was 164 so we are still under last years single family inventory number. We had 56 homes come on the market, better than last weeks 44.. and we had 33 homes go into contract which is better than last weeks 31 last year at this time we did have 41 homes go into contract.
Condominiums right now…79 condominiums on the market thats up from 61 of last week. WE had 71 condominiums on the market, last year at this time. Taht is interesting how the condominiums have caught up to last years number. We had 18 new condominiums come on the market and 13 condominiums go into contract. Last week that number was better at was 19.
Also important here we had 1 price reduction, last year we had 9. Very different. The difference between last year and this year in terms of the pace, clearly we are lower inventory total total the market is moving at a much more efficient pace than last year.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 226 that is up from 192, last year at this time the number was 235. Okay so whats going on ? The market is showing right now that it is still operating, there is a lot going on in the news right now, CoronaVirus schools being closed all kinds of things. What is going on with this market? How were the open houses? Open houses were fine, I was at one open house showing some clients and it was elbow room only and for our open houses there was plenty of people. People are out looking for homes, interest rates are extremely low, in fact the guys down the hall say they have a line out the door for people refinancing, if you haven’t thought about refinancing start thinking about it with the extremely low rates we are seeing right now. So, market is certainly not being effected per se by people going out and seeing homes and the sales are positive. Time will only continue to tell, however my feeling these last two weeks the market is doing very very well amongst this new dynamic of a virus out in the world.
Thanks for listening have a great day and we will talk to you next week.