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, November 123th 2020 with your, Thanksgiving Week Monday morning market minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 181 That’s way down from 211 of last week to be expected. As I’ve been saying, inventory is going to continue to shrink. Last year at this time, the number was 135 and I got to do it again. 2018 The comparison 185 today is 181, one eighty five. And let me just do one more comparison because twenty eighteen was a roaring seller’s market. What was the number in 2017 on this date, 99. We had 26 homes come on the market and we had a good number, very healthy number of 41 homes going to contract. That’s better than last week’s 29 going into this holiday week. Last year this time that number was only 27.
Condominiums right now, 182 Condominiums. That’s actually up a couple of ticks from 180 of last week, last year at this time. What a big difference year over year with the condominium market, 91. We had 26 condominiums come on the market and we have 14 condominiums going to contract so you know it’s at least it’s a teen number. We’d like to see 15 a little higher, but at least it’s a teen number. Last week that number like I say, was twenty six.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 363. That is down from 391 of last week. And again, that is to be expected last year. At this time the number was 226. Hey, interest rates are still very low. I think I saw that they went up just a little bit because there’s some other positive things going on in the marketplace, out in the world with what’s going on in the world with more positivity creates in the marketplaces, if you will. It creates maybe the fact that we don’t need interest rates as low, but who knows? There’s other discussions about they could even go a little bit lower. I’ll tell you this. I don’t see them going over 3%. I can’t believe I just said that. I can’t see them going out to 3% this year at least. And so there’s a lot of opportunity right out there right now, especially in the condominium town, home market, lots of opportunity. And there’s still some great homes on the market right now, fabulous interest rates. So if you are thinking of buying a home, I’m telling you, do it now. Thanks for listening. Have a great day. Have a wonderful turkey. If you’re listening to this watching this video, you have a lot to be thankful for. I am extremely thankful for you watching this. And thank you very much. Have a wonderful week and I’ll talk to you next week.