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 7th 2019, Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 218 which is down from last weeks 219. We had 43 homes come onto the market and we had 37 homes go into contract which is not quite the 40 number we like to see week in and week out last week was 39.
Condominiums right now is 118 on market that is UP from 112 of last week. Last year at this time that number was 90. Interesting there were single family home inventory is lower this week than it was last year this time and yet condominium inventory is higher than it was last year at this time. We had 16 condominiums came onto the market and 10 condominiums went into contract, last week that number was 18.
Here is something interesting expired, cancelled withdrawn was 6, last year at this time that number was 18! Very very interesting, and with price reductions, huge number 23 price reductions last week and last year at this time was only 15.
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 336 that is up from 331 and yet still under last years peak of 344. Last year at this time that number was 328. So the market continues to move forward, we have more inventory for buyers, interest rates are down, and yet the single family inventory is going down, that is just very interesting. We are going to see how we go here over the next couple weeks are we going to cross that 344 peak 2018 number we will dive deeper into that in our podcast, Beyond the Minute .
Thanks for listening and we will talk to you next week!