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, A beautiful Green Hills country club at the Burlingame Rotary yearly classic October 12, 2020, with your Monday morning market minute.
Single-family inventory from South San Francisco to Redwood City right now is 241 surprisingly up from 227 of last week with 53 homes come on the market. That’s a big number for this time of year. But we also had 42 homes going to contract. That’s less than last weeks whopping number 60. But as you know, if you’re watching the minute 40 week in and week out is what we’re looking for.
Condominiums right now 200 condominiums on the market. That’s actually up from 193 of last week. 27 condominiums came on the market and 14 condominiums went into contract. Last week, that number was 15.
We also had 38 homes reduced their price. That’s another large number. So that’s several weeks in a row.
So total total from South San Francisco to Redwood City Condominiums and townhomes, single family homes. Inventory is 441. That’s up from 422 last week. And if you watch last week, I thought we hit that peak where we were going to start going down. But again, we are behind the pace because of the health crisis. You know, the summer was the new spring market. I think that’s what’s going on here with a lot of new inventory. Hey. Interest rates are down. Buyers, more opportunity. Thanks for listening. Have a great day. And we’ll talk to you next week.