Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, November 26th 2018, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 185 — that’s down from 211 of last week. We only had 6 homes come to market, and we only had 27 homes go into contract.
Condominiums right now, 76 condominiums on the market — that’s down from 81 of last week. We had 4 condominiums come to market, and we only had 6 condominiums go into contract.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 261 — that’s down from 292 of last week. Now this is very typical; last week was Thanksgiving, the holiday week. That’s why the number’s low activity, not a lot going on, and actually people pulling off their homes off the market if they didn’t get sold and getting prepared for the holidays.
So now, when we start to think about here, where are we to be the first Monday of 2019? Well in 2018, that number was 53. Last year at this time, that number was 99, a third more than last year at this time. So, where we’re going to be the first Monday of 2019? We wanna watch this inventory, and that’s gonna be a huge indicator of the type of market we’re gonna have in 2019. I gotta tell you right now, if the inventory continues to go down as we think it’s going to, 2019 is going to start very very strong. So be prepared.
Thanks for listening, have a great day, and I’ll talk to you next week.