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, May 11th, 2020 with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 166 thats up from 155 of last week, and last year at this time that # was 177 so still less inventory today than we had last year. Heres some great news 30 homes came on the market last week that number was 18, why is that good news? Sellers the economy is starting to wake up and say hey I’m going to put my home on the market during this health crisis. Last year at this time there were 45 homes that came on the market. So we are 15 off of last years number. Also some great news 29 homes went into contract, last week that number was 30. So we are finding a base, about 30 homes selling per week, that is slightly down from what we like to see in a normal market of 40. Last year at this time as we were in the spring market we had 46 homes go into contract last year, so 29 s a very promising number.
Condominiums right now 79 on the market thats up from 72 of last week. Last year at this time that number was 91, still much lower there. We had 15 condominiums come on the market last week that number was 11 so again we have more sellers thinking its okay to come out and put their home on the market. We had 8 condominiums go into contract.
10 homes either expire, cancel or withdraw which is kind of a normal number and we had 6 price reductions.
So here we are we are in phase 1 and we gotta tell ya, this weekend was very active buyers were out and about where they could be, I was even working with some buyers where there was a multiple offer situation in the 2 million range and there were several offers coming in on that property. Homes are coming on the market market is waking up a little more and homes are selling.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…245 thats up from 227 of last week, last year at this time that number was 268. In terms of supply and demand. In a normal non pandemic health crisis, 245 is an extremely low number indicating a Sellers market. If you are out buying a home right now interest rates are really low, there is some opportunity out there, and if you are selling a home its happening, homes are coming on the market, getting shown and getting sold.