Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, November 18th 2019 Veterans Day, Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is down at 156 from 174 of last week. Last year at this time that number was 211, today 156 incredible. We had 17 come on and 28 go into contract not the 40 number we like to see week in and week out but with less inventory usually translates into less sales. Last week that number was 29
Condominiums right now is 100 down from 110 last week. 16 come on the market and 19 go into contract, thats a pretty healthy number
Here is something pretty interesting 23 homes expired, cancelled or withdrew from the market thats a large number, and we also had 18 price reductions.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 256 that is down from 284 of last week, last year at this time that number was 292. We are at 256! We have less inventory today again than we did last year at this time. What does all that mean? This market is continuing to heat up 2020 is going to start off very very hot. If you are looking to buy a home you better buy a home now before all the inventory keeps crashing and prices start to peak back up, you never know??
Also shows it is still a good time to sell your home right now, even though in the holidays people think ti is not a good time actually can be a very very good time especially with inventory coming down the way it is.
Really speaks to our market, it is HOT, we will get more into that in the podcast Beyond the Minute stayed tuned for that.
Thanks for listening have a great day and we will talk to you next week!