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Monday Morning Market Minute – December 10th 2018

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, December 10th 2018, with your Monday Morning Market Minute.

Before I get started, I just want to say thank you for everybody who came to our holiday party on Saturday. It was a huge success with over 200 people. We had Santa Claus. We had hula dancers. And yes, you are one step closer to going first class to Hawaii.

Okay, single-family inventory from South San Francisco to Redwood City right now is 156 — that is down from 167 of last week. We had 28 homes on the market, and we had 27 homes go into contract. Now that’s not the 40-number we like to see week in and week out, but this is December — that’s actually a really healthy number right now.

Condominiums, 74 condominiums on the market — that’s down from 75 of last week. We had 9 condominiums come on the market, and we had 8 condominiums go into contract — that’s kind of an average, maybe a good number for it this December.

Here’s something very interesting news: expires, cancels, and withdrawals. We had 27 more properties come off the market due to either expiring, cancelling or withdrawing. Also we had another 15 homes reduce their price.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 230 — that’s down from 242. Right on pace. This is what happens in December. Inventory continues to shrink. So if you’re thinking of buying, now you wanna get our there and find these great homes. Either give us a call too and maybe one of these cancels or withdrawns — there’s a deal there. You’ll never know. And interest rates, well they haven’t gone up yet. So now is proving to be a great time to try and find yourself a great deal before the holidays.

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

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