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 28th 2019, Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 207 which is down from last weeks 211. Last year at this time that number was 241. We had 22 homes come onto the market and we had 32 homes go into contract. Not the 40 number we like to see last week that number was 35
Condominiums right now is 127 on market that is up from 117 of last week. Last year at this time that number was 95. We had 23 condominiums come on the market and 12 condominiums go into contract that is not the number like last weeks 23.
Also we had 5 homes either expire, withdraw or cancel from the market place, and another 22 price reductions again thats a healthy number for price reductions!
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 334 that is up from 328 oof last week. Last year at this time inventory went down from the inventory peak of 344 to 336. So what does this all mean ? The market is not showing any signs of any dramatic changes, it is very healthy, interest rates are still down homes are selling and we are having price reductions, kind of sounds like a “normal” market!
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!