Real Estate Update – Mid Peninsula
The market remains strong for another week.. Dan Gilmartin explains that and the weekly house inventory numbers.
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Transcript – Hi, this is Dan Gilmartin with the Gilmartin Group Real Estate Company in Burlingame, California September 19th 2016 with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City is currently 210 — up from 199 of last week. We had 53 homes come on to the market, and we only had 29 homes go into contract. Now, that’s up from last week of 28 but still only 29, and like I’ve said in the past, we want to stay around 40 or more for a very healthy seller’s market. Condominiums, we currently have 86 condominiums on the market. We had 25 condominiums come into the market, and 21 condominiums go into contract. That’s a pretty healthy number there. That’s up from 15 of last week. So total-total, from South San Francisco to Redwood City, single-family homes and condominiums the number is 296. That’s a new peak for 2016. That’s up from last week of 291 which was the peak, and the first time in 2016 back-to-back peaks. Very interesting. We need to watch this, because if this continues and becomes a trend, then we’re going to talk about how this market is shifting out of the seller’s market and possibly into a buyer’s market, but we’re still a long ways away from that. Hey, thanks for listening, have a great day, I’ll talk to you next week.