Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, October 29th 2018 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 241 — that’s down from 249 of last week. We had 35 homes come on the market — the week before was 49. And we had 39 homes go into contract — that’s a good number number; not the 40, but much better than last week’s 33, and the week before that was only 27.
Condominiums right now, 95 condominiums — exactly the same number as last week. We had 14 condominiums come on the market, and we had 10 — only 10 condominiums go into contract.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 336 — that’s down from last week’s peak of 344.
Here’s some interesting stuff: we had 12 homes withdraw or expire from the marketplace — means they took their home off the market — and we had 25 homes reduce the price. Now that’s probably why we had a good number of 39 homes going into contract. I’m gonna tell you right now, if you’re thinking of buying a home, right now is the time. Inventory is still at its highest in the year. The pace of the market slowed down just a little bit, meaning giving buyers a little bit of breathing room to think about something and make an offer. Interest rates are where they’re at and they’re only gonna get higher. So now is a great time to buy a home. If you’re thinking about buying a home and selling within 3 years. No, you’re not buying right now. If you wanna find that great home and be there for 10 or more years, now is the time to find that great home.
Hey, thanks for listening, have a great day, and I’ll talk to you next week.