Real Estate Update – Mid Peninsula
Inventory is soaring compared to last year. What’s happening? Dan Gilmartin breaks down the market.
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Transcript – Hi, this is Dan Gilmartin with the Gilmartin Group Real Estate Company in Burlingame California. April 24th 2016, with your Monday Morning Market Minute. Okay, single family home inventory from South San Francisco to Redwood City is currently 182. Last week it was 165. With 57 homes come onto the market, with 38 homes go into contract. For condominiums we have 60 condominiums on the market. We had 17 condominiums come, new into the market, and we had 24 go into contract. So total, from South San Francisco to Redwood City, we currently have 242 homes on the market. That’s up from 231 last week, and last year at this time, that number was 182. That’s a 33% year over year. That is an indication of something only time will tell. So if you’re thinking of selling your home and you don’t want to lose a peak, right now I’m feeling something different. This inventory is growing and of course the more inventory there is the more competition there is. So you want to get your home sold for the highest price, you want to sell your home when inventory is at its lowest. So get on the market now is what I’m saying. Thanks for listening, have a great day, I’ll talk to you next week.