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, start of the 4th Quarter of 2017, October 2nd, with your Monday Morning Market Minute. And after I finish doing this, I’m actually headed up to the Peninsula Golf and Country Club for the Burlingame Rotary’s Annual Scholarship Golf Tournament put on by my great-uncle Mike Horwitz.
Okay, single-family inventory from South San Francisco to Redwood City right now is 144 — that’s up from 143 of last week. We have 52 homes come into the market, and we had 48 homes go into contract — that’s a super healthy number, that’s two weeks in a row, ’cause last week we had 47 homes go into contract. Condominiums, right now, 58 condominiums on the market. We had 20 condominiums go into the market, and we had 16 condominiums go into contract; a healthy number, but nothing like last week’s 30. Here’s something interesting, we had 11 homes, either withdraw, cancel or expire from the market, meaning they just didn’t get the price they wanted and they withdrew or took their home off the market. Very very interesting.
So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory right now, 202. That’s the 8th time we’ve crossed over the 200-marker in 2017, last week being 199. Here’s some of the landscape going on right now: Foster City only has 6 homes on the market right now. Millbrae, it only has 9 homes on the market right now. Burlingame, only 8 homes on the market right now. Hillsborough, 39 homes on the market right now. Hey, this is a seller’s market, but if you are able being in a buyer’s market, Hillsborough‘s where it’s at.
Thanks for listening, have a great day, and I’ll talk to you next week.