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 20th, 2019, with your Monday Morning Market Minute.
Single family inventory from South San Francisco to Redwood City right now is 189 that is a new 2019 peak for single family inventory. We had 52 homes come onto the market 41 homes go into contract that is right in line with what we like to see week in and week out.
Condominiums right now, 94 condominiums thats up from 91 of last week, and also a 2019 peak in inventory. We had 21 condominiums come onto the market and we had 17 condominiums go into contract that is a healthy number slight below last weeks 18 but still a very healthy number. We also had 6 homes expire cancel or withdraw from the market place. Here is something interesting 25 homes reduced their price, that is a new high for that category in 2019 beating a few weeks ago 18.
So total total from South San Francisco to Redwood City inventory is 283, thats up from 268 and a new 2019 peak beating the 272 a couple weeks ago! Looking back, 2018 that number was 344. So what does that all mean? Relatively inventory is still really low, although here we are peak for 2019 and again remember last years 344, so really inventory is low yet we have 25 price reductions? This means this market is a little more normalized, although there is room to grow for inventory, so hiring the right agent for the job of selling your home is more important than ever because we have homes out there selling for over asking, some under and some reducing their price or coming off the market. For buyers, there is opportunity out there. Sellers, when done correctly you can get what you want in the time you want.
Done forget, you gotta listen to Beyond the Minute where Tim and myself go deeper with these numbers talk about he economy and what all this really means and where we think the market is going for the rest of the year.
Thanks for listening and Have a great day and we will talk to you next week!