Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 1st 2017, with your May-day Monday Morning Market Minute. Okay, single-family home inventory from South San Francisco to Redwood City right now is up 1 from last week to 148. We have 58 homes come on to the market — that’s a very healthy number — and here’s even a better number: we had 58 homes go into contract. I’m telling you what, that’s the highest number of sales I’ve seen in years. Great job. Condominiums, we have 59 condominiums on the market right now. That’s up from 55 of last week. We had 22 condominiums come on to the market, and we had 18 condominiums go into contract — that is also a very healthy number. Here’s something interesting: we had 12 price reductions. Now the inventory bumped up last week, and somehow that caused some listings to reduce their price, which also relates to those high number in sales. So total-total, from South San Francisco to Redwood City, condominiums and single-family homes, inventory is 207, up slightly from 202. This market’s still moving, so if you’re still thinking of selling your home, it’s still a good time. And hey, buyers, good news, a little bit more breathing room for you. Thanks for listening, have a great day, and I’ll talk to you next week.