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 29th 2018 with your Monday Morning Market Minute, coming to you on Tuesday as we took Memorial Day off yesterday to honor our men and women who gave their lives for this incredible country of ours.
Okay, single-family inventory from South San Francisco to Redwood City right now is 151 — that’s way down from 172 of last week. We had 34 homes come on the market — that’s a healthy number — and we had 48 homes go into contract — that is also a very healthy number. As you know, I like to see at least 40 homes go into contract week in and week out. So at 48, that’s a very healthy number.
Condominiums right now, 57 condominiums on the market — that’s down from 66 of last week. We only had 10 condominiums go into market — that is a low number, and we had 17 condominiums go into contract — that’s a pretty healthy average number right there.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 208. That’s down from 238 of last week, which 238 so far is the peak of inventory for 2018. So the market shows that as the inventory rose, buyers were there. The demand is still there. Now, if you’re thinking of selling your home, there is less competition on the market, so now is a great time to sell your home if you’re thinking about doing that.
Thanks for listening, have a great day, and I’ll talk to you next week.