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Monday Morning Market Minute – August 22nd 2016

Real Estate Update – Mid Peninsula

Is the market slowing down or setting up for an amazing 4th quarter? Dan Gilmartin explains 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, August 22nd 2016 with your Monday Morning Market Minute. Okay, here we go. Single-family inventory from South San Francisco to Redwood City right now is 208. That is up from 198 of last week. We had 52 homes go into the market, and we had 33 homes go into contract. Now that is down from 39 of last week — little more on that later. Condominium inventory right now is at 70. We had 22 condominiums come into the market, and we had 12 condominiums go into contract — that’s a low number. So total-total right now, 278. The peak of 2016 was 280, and we’re just under 280 marker at 278. So, if the inventory continues to grow, and the sales stay under 40 for week on week — that means this market is absolutely changing. But if the market stays right here right now at the same levels, and then we continue to have 40 or more sales per week, we’re gonna set this up to have a great 4th quarter and an absolutely fabulous 1st quarter. So we gotta watch these number week in and week out. Right now things are looking good. Thanks for listening, have a great day, I’ll talk to you next week.

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