Real Estate Update – Mid Peninsula
Home inventory hit the highest levels in 2016 this week. 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 8th 2016 with your Monday Morning Market Minute. Okay, here we go. Single-family inventory from South San Francisco to Redwood City right now is 204. We had 37 homes come onto the market, and we only had 26 homes go into contract. Now you’ve heard me say in the past, we want at least 40 homes go into contract week over week. Only 26, so we gotta watch that number. Condominiums, we have 70 condominiums on the market. We had 19 condominiums come into the market, and we had 13 homes go into contract — that number is low as well. So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the number is 274. That’s up 1 from last week which was 273. So what’s going on with the market? Is the market changing? I can tell you right now, it’s still good to put your home into the market. The market is moving, but we gotta watch these pending sales. If that number continues to stay under 40, then we can say the market’s changing. But as of right now, things are moving just fine. Thanks for listening, have a great day, I’ll talk to you next week.