Real Estate Update – Mid Peninsula
There was a large amount of withdraws and cancellations this week. That might be an indication of a shift in this sellers market.
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Transcript – Hi, this is Dan Gilmartin, Gilmartin Group Real Estate Company in Burlingame, California. May 9th, 2016 with your Monday Morning Market Minute. Okay, from South San Francisco to Redwood City, there’s roughly 82,000 and change homes. And today, the single-family home inventory is 170. That’s the same as last week. We had 53 new homes come on the market. We had 44 homes go into contract. Interesting number here. We have expires, cancels, or withdraws from the marketplace with 10. In the last 3 weeks we had 22. Something very interesting is going on there, when people pulling their homes off the market in a sellers’ market. For the condominiums, we have 64 condominiums on the market. That’s up from 60. Finally, we had 18 new condominiums come on to the market and we had 16 go into contract. So total inventory single-family homes and condominiums from South City to Redwood City is 234, the second highest number in 2016. Inventory will continue to rise. Now is a great time to get into the market, before the rest of the competition comes on to the market. Thanks for listening, have a great day, and I’ll talk to you next week.