Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, September 17th 2018, with your Monday Morning Market Minute. Okay, hold on, I’ve got some very interesting news for you.
So, single-family inventory from South San Francisco to Redwood City right now is 227. That’s up slightly from last week’s 224. We had 59 homes come on the market — that’s a really healthy number, but not like last week’s 74 which was a huge number. We had 45 homes go into contract; now that’s a good number, as you know, ’cause we like to see 40 week in and week out.
Condominiums right now, 79 condominiums on the market. That is exactly the same as last week’s 79. We had 19 condominiums come to the market, and we had 13 condominiums go into contract. Now, that’s a healthy number, especially way better than last week’s 4.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 306 — that’s up from 303 of last week, and here we are, over 300 — like I said last week, we haven’t been over 300 in years. So here we’re watching week in and week out, are we going to continue over 300? Or are we gonna start pulling back under 300? Hey, 300 ultimately is a low number. It’s my feeling that when this market gets to 600-650 homes, on the market, it’s a full-fledged buyer’s market. So as you can see, we have plenty of room there. And with 45 sales last week in single-family homes, that’s a very efficient number.
So, thanks for listening, have a great day, stay tuned, and I’ll talk to you next week.