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 4th, 2020 with your Monday Morning Market Minute. we are going to stay more to the traditional minute. Next week we have some more data coming so we will do a more of a State of the Union Address in terms of our Economic Recovery here.
Single-family inventory from South San Francisco to Redwood City right now is 155 last week that number was 155, last year at this time that number was 182, we are well below last years number. Again to be expected not a lot of homes coming on the market , we had 18 homes come on the market and 30 homes go into contract that beats last weeks 26 the week before was 25, last year at this time that number was 39. We are just 9 off
Condominiums right now, 72 condominiums on the market thats up slightly from 69 from last week. We had 11 come on the market and 9 go into contract. Last week that number was 9.
Withdraws cancels expires we had 14, you’d think maybe that would be a pretty high number we had 14, last year at this time we had 13.
Price reductions we had 12 homes reduce their price last year that number was 18.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…227 ! thats up slightly from 224 of last week. And last year at this time that number was 272. So the Lowe the inventory supply and demand bodes well for sellers obviously, so I could say now is an interesting time to put your home on the market meaning you have very little competition. And Buyers interest rates have gone down again so there is a lot of buying power. Here on the Mid-peninsula we all agree we are in. Bit of a bubble when it comes to the rest of the country and our real estate, with 30 sales of single family homes and another 9 condominiums. Next week I want to get a little more into the narrative and I want to help continue to form the narrative around our economic recovery. There are 3 things that I think should be talked about when we get into this Narrative. 1. Our business science, what has been in the past what have been the events and how did we come out of it. 2. Health science COVID under control, all of this depends on where we get this control of the COVID and have a better clear vision we have. This “V” recovery I am talking about maybe the country is more of a “U” but when I look here at that peninsula we are going to hit the “V” . 3rd thing is the social science of this, how are we going to act what is the publics feeling of getting back out in the restaurants etc.