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 21st 2019, Monday Morning Market Minute . Im getting ready to go to a Monday charity golf tournament but I want to make sure I do the minute before I left
Single family inventory from South San Francisco to Redwood City right now is 211 which is down from last weeks 213. We had 39 homes come onto the market and we had 35 homes go into contract. Not the 40 number we like to see last week that number was 42, but still a healthy number.
Condominiums right now is 117 on market that is down from 116 of last week. We had 24 condominiums come on the market and 23 condominiums go into contract, that is a huge very healthy number.
Also we had 15 homes either expire, withdraw or cancel from the market place, and 29 homes reduce their price that is another week with a huge price reduction number great for buyers!
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 328 that is down from 329 of last week. Last year at this time is when we hit the 2018 peak at 344, and here we are with inventory going down. What does that mean? The market is super strong right now for this time of year, and if this continues like I said last week, 2020 is going to start off very very healthy. We will get more into that in the podcastBeyond the Minute stayed tuned for that.
Thanks for listening have a great day and we will talk to you next week!