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 25th, 2019 with your Thanksgiving Week, Monday Morning Market Minute.
Before we begin, we are so thankful, so grateful here at the Gilmartin Group for this incredible neighborhood, this outstanding, wonderful real estate market. We are just blessed here at the Gilmartin Group. We are so thankful and grateful for all of our past clients, centers of influence, friends, and family! This is going to be a wonderful celebration week and certainly thank you. We’re so grateful for you watching the Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 135 that is down from 156 of last week. Last year at this time that number was 185. We have 50 less single-family homes on the market today than we did last year at this time. In 2017, as a note, that number was 99…very interesting. We had 14 homes come on the market…27 homes go into contract. That’s down from last weeks 28. Again, with less homes on the market obviously there will be less sells. But we obvisouly we like to see 40 week in and week out.
Condominiums right now… 91 condominiums on the market right now. That is down from 100 of last week. But last year at this time that number was 76. So that in its self very intresting. Right now we have less single-family homes on the market than we did last year at this time but we have more condominiums and townhomes on the market today than we had last year at this time. Is that a leading indicator? Only time will tell. We had 9 condominiums come on the market and 16 condominums go into contract. We also had 13 home reduce their price. That’s kind of a large number. Because last year at this time that number was only 9.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 226 that is down from 256 of last week, last year at this time that number was 261. Here is something to think about the first Monday of 2019, that number was 82…the total total number, the first Monday of 2019 was 82. So now is the time here at the Gilmartin Group, Tim and my-self start to try to predict…what’s the number going to be the first Monday of 2020, for instance? And if you’ve been watching send us an email, a DM or a ping tell us what you think the inventory is going to be the first Monday of 2020.
Tim and I are going to dive deeper into that conversation with the Beyond the Minute Podcast.
Thanks for listening have a great day and we will talk to you next week!