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 21st 2018, with your Monday Morning Market Minute.
Okay, so we go through our first rounds of graduations for 2018, and inventory surges. Last week, we had 149 single-family homes on the market, from South City to Redwood City. Today that number is 172, hitting a 2018 peak up 16% from last week. We had 73 homes come on the market — that’s huge. That’s the most amount of homes we seen come on the market in a week basis in a long time and a 2018 peak. We also had 43 homes go into contract — that’s a very healthy number; as you know, we like to see 40 homes go into contract week in and week out; 2017 average was 35.
For condominiums, 66 condominiums on the market right now — that’s up from 59 of last week and that is a 2018 peak for condominiums in inventory. We had 29 condominiums come on the market and we had 17 condominiums go into contract, and again a very very healthy number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 238 — that’s up from 208 of last week and that is a 2018 peak for inventory. Last year 2017, the peak was 233. So we just went through the 2017 peak by 5 homes. This is great news for buyers, a lot more to look at, so if you’re thinking of selling your home this year, you’d better hurry up before the inventory rises even more.
Thanks for listening, have a great day, and I’ll talk to you next week.