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, October 14th 2019, Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 213 which is down from last weeks 218. We had 37 homes come onto the market and we had 42 homes go into contract which is better than last weeks 37. Last year at this time the number was only 27.
Condominiums right now is 115 on market that is down from 118 of last week. We had 10 condominiums come on the market and 12 condominiums go into contract.
We also had 9 homes either expire, cancel or withdraw from the market place and 33 home reduce their price. Last year at this time, that number was 32. It’s very interesting how the markets continue to mirror each other year over year.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 329 that is down from 336. All bets were, that inventory is going to rise. Last year at this time that number was 343 so it’s official today, right now this week, is hotter, right now, than it was last year at this time. Unbelievable! If this continues, 2020 is going to start off with a bang. Especially with interest rates staying down and the job market looking very strong, in our market. So right now, this is absolutely amazing. Buyers – you have 33 price reductions. You have to get out there and get those deals and take advantage of these price reductions. We get deeper into that in our podcast, Beyond the Minute stayed tuned for that.
Thanks for listening have a great day and we will talk to you next week!