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Monday Morning Market Minute – August 14th 2017

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, August 14th 2017 with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City right now is 119 — that’s down from 121 of last week. We had 42 homes come on the market, and we had 37 homes go into contract, just under that 40-number. Condominiums, we have 53 condominiums on the market — that’s down from 60 of last week. 12 condominiums came on to the market, and 16 condominiums went into contract — that’s a healthy number, but not as robust as last week’s 27. So the combined inventory, single-family homes and condominiums, right now is 172 — that’s down from 181 of last week. So for most of us, this is the last week of summer, and the market continues to get tighter; that is so interesting how hot this market continues to be.

Question of the week: Hey, Dan, what’s the average number of single-family sales per week so far in 2017? That number is 35. Just under the 40-number that we’re always looking for and I really think that’s because this inventory is so tight all year that the average number of sales for single-family homes is 35.

Hey, thanks for listening, have a great day, and I’ll talk to you next week.

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