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, September 9th 2019, with your Monday Morning Market Minute .
Single family inventory from South San Francisco to Redwood City right now is 216 that is way up from 162 of lsat week. We had 68 homes come on to the market that is the largest amount of single family homes coming onto the market in 2019 and we had only 17 homes go into contract. So post labor day we have a huge number of homes 68 come on the market, before labor day we were thinking to ourselves where is all the inventory? There it is right there. With inventory as low as it was before labor day is why we probably only had 17 sales, low sales and huge number in inventory 216 over 162 last week.
Condominiums right now, 74 condominiums on the market that is down of 75 last week. We had 21 condominiums come onto the market another light number and only 7 condominiums go into contract another healthy number!
So total total from South San Francisco to Redwood City single family homes and condominiums; inventory is 290 that that is way up from 237 of last week and yet still under 300, is this inventory going to continue to rise? Remember 313 is the 2019 peak so that is what we are watching. Today this week, great opportunity for buyers fresh new batch of inventory interest rates are down, great time to go find a home you will have some selection we will get more into this in the Beyond the Minute podcast where we will take a deeper dive into the numbers and what is happening in the market.
Thanks for listening and we will talk to you next week!