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Monday Morning Market Minute- November 4, 2019

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, November 4th 2019, Monday Morning Market Minute . 

Single family inventory from South San Francisco to Redwood City right now is 195 which is down from last weeks 207. Last year at this time that number was 227 and in 2017 that number was 109 very very interesting. We had 30 homes come onto the market and ONLY 20 homes go into contract last week that number was 32.

Condominiums right now is 121 on market that is down from 127 of last week.  We had 14 condominiums come on the market and a whopping 24 condominiums go into contract very very healthy sales number.

We  had 14 homes either expire, withdraw or cancel from the market place, and We 18 price reductions last year at this time that number was 30.

So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 316 that is down from 334 of last week. Now, at this pace that means the 336 is our peak number for 2019. For 2018 that number was 344, last year at this time thought total was 342, what am I getting at?? The numbers are showing that the market is stronger today than it was at this time last year. And we are typically going to see inventory continue to shrink, as this goes forward, 2020 at this pace is going to start off very very strong. What does that mean? More of a sellers market very tight inventory more buyers than suppliers, what is helping is the economy is very healthy in terms of  our world, jobs are good interest rates are down.

Although we have had price reductions there is still opportunity out there. The good homes that are priced well and prepared properly are selling and inventory is down.

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!

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