Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, October 1st 2018, the beginning of the the 4th quarter, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 242– that’s up from 224 of last week. That’s huge. We had 61 homes come on the market — that’s a very large number — and we had 37 homes go into contract — that’s a healthy number, yet it’s not the 40 that we like to see week in and week out.
Condominiums right now, 89 condominiums on the market — that’s up from 83 of last week. We had 22 condominiums come on the market — that’s kind of a high number — and we also had 18 condominiums go into contract — now that’s a healthy number for sales.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 331 — that’s up from 307. The last time we had 331 homes on the market, the year was 2013. Now here’s something that’s very interesting: the 1st Monday of 2018, that number was 53. So we’ve gone from 53 to 331 homes on the market — that’s huge. But here’s the good news: even though the inventory’s rising, we had 37 single family homes go into contract, we had 18 condominiums go into contract. Why is that? Well, here’s a factor: we had 21 price reductions. Last week, we had 25. So the market’s showing that we have buyers — there’s buyers out there, and yet some homes are overpricing. So when you adjust the price, the buyers are buying.
So if you’re thinking of selling your home, now is still a good time. Now you’ve heard me say in the past that until we get to 600 to 650 homes on the market, then are we in a full-fledged buyer’s market? So that tells us right now, that the market’s moving, now is still a good time to take advantage of what could be a fleeting opportunity. So if you’re thinking of selling your home, step #1, click the link to get your home evaluation. Step #2, click the button and set an appointment with me so that we can get together, refine that value. And then ultimately, put a plan together that helps you get what you want and the time you want. Won’t that be great?
Thanks for listening, have a great day, and I’ll talk to you next week.