Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 3rd 2021, at the Burlingame Rotary Fund and Need Golf Championship.

Okay, single-family inventory from South San Francisco to Redwood City right now is 139. That’s up slightly from 132 of last week. We had 60 homes come on the market. That’s a big number, much bigger than last week’s 46. And we had 42 homes go into contract. That’s a number we like to see, 40 week in and week out. Lower than last week’s number, but remember, we had low inventory last week, so I propose there’s gonna be a lot more sales next week.

Condominiums right now, 120 condominiums on the market. That’s down from 129 of last week. We had 22 condominiums come on the market, and we had 23 condominiums go into contract. Now that’s a healthy healthy number.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 259. That’s down from 261. Normally, inventory continues to start growing, and here we’re going down. This market is not slowing down. So if you’re thinking of selling your home, there’s still plenty of time for that. Interest rates, they’re good, but they’re creeping up. So if you’re thinking of buying, sooner is better than later.

Thanks for listening, have a great day and I’ll see you next week.