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, with your Friday Morning Market Minute instead of Monday Morning Market Minute because we all know we’re going to be on vacation hopefully on Monday the 26th, so I wanted to give you a little update right now. So from South San Francisco to Redwood City, current single-family home inventory is at 50, which is down this week alone from 62. We had 2 homes come on to the market, and we had 9 homes go into contract. Condominiums, we have 35 condominiums on the market — that was 45 just a few days ago. We had 2 condominiums go into the market, and we had 1 condominium go into contract. So total-total from South San Francisco to Redwood City, single-family homes and condominiums, current inventory is 85. Now my prediction is first Monday of 2017 is 82. So at this pace, it’s going to be high, which means we’re setting up to have a great seller’s market in the first quarter with low inventory. Have a great day, have a wonderful holiday, and I’ll talk to you soon on New Year.