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Monday Morning Market Minute – August 29th 2016

Real Estate Update – Mid Peninsula

Is this the peak of the market? Should you think about selling you home in this market? Dan Gilmartin explains that and the weekly house inventory numbers.

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Transcript – Hi, this Dan Gilmartin with the Gilmartin Group Real Estate Company in Burlingame, California, August 29th 2016 with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City is currently 199, which is down from 208 of last week. We had 36 homes come on to the market, with 39 homes go into contract — that’s up from 33 of last week, and that’s hovering around that 40 number that I like to see. Condominiums, 72 condominiums on the market. We had 20 condominiums come into the market, and 17 condominiums go into contract — that’s a healthy number. We’d like to see a little higher, but it’s still a healthy number at 17. So total-total, single-family homes, condominiums, inventory is 271. That’s down from 278. So the big question is “Dan, is the market softening?” Well, currently it’s flirting with the notion of softening, and if this is the peak, then based upon the gradual rise from 2012 that we’ve been involved in, we would have a gradual pullback. But the verdict isn’t in yet. With only 271 homes on the market, and 1200 agents trying to make a living selling them, means that the market’s still moving. So if you’ve ever told yourself “I want to sell the peak,” now is the time to seriously consider putting your home on the market. Hey, thanks for listening, have a great day, I’ll talk to you next week.

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