Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

See your home value right now: http://www.thegilmartins.com/home-valuation/

Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 13th, 2019, with your Monday Morning Market Minute.

Single family inventory from South San Francisco to Redwood City right now is 177 that is down from 182 of last week.  We had 45 homes come onto the market  that is down because last week we had a whopping 63 and  we had 46 homes go into contract now that is a great number we like to see at least 40 week in and week out with 46 that is super healthy.

Condominiums right now, 91 condominiums on the market thats up a tick from 90 of last week. We had 22 condominiums come onto the market and we had 18 condominiums go into contract that is also a fantastic number beating last weeks 13. Here is something interesting 7 homes withdrew their home from the market or expired or cancelled and for price reductions we are down to 14 last week was 18.

So total total from South San Francisco to Redwood City inventory is 268, thats down from last weeks peak of 272! Remember 272 was a 2019 peak, while 268 is the second peak for 2019 still inventory is down. Well what is this all saying to us, well we had a surge of inventory, and we had a surge of sales that clearly shows how healthy this market is, and that this spring market is in full effect. If you are thinking of selling your home they are still selling, and interest rates are still down buyers have more choice and they are buying!

Continue to join us on the podcast Beyond the Minute where Tim and myself go deeper  with these numbers and how it effects the economy and what is going on here in the mid peninsula.

Thanks for listening and Have a great day and we will talk to you next week!