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Monday Morning Market Minute – July 25th 2016

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 Real Estate Company in Burlingame, California, July 25th, 2016 with your Monday Morning Market Minute. Okay, here we go. From South San Francisco to Redwood City, your single-family inventory is at 210. That’s up from 204 of last week. We had 53 homes come on the market, that’s up from 47 of last week, but here’s a better number: we had 44 homes go into contract. That’s up from 32 of last week, and as we know, we want to stay at 40 or above week over week. Condominium inventory is at 74, that’s down slightly from 76 of last week. We had 22 condominiums come into the market, we had 17 condominiums go into contract. So total-total from South San Francisco to Redwood City, single-family homes and condominiums, the number is down slightly from the peak of 2016 at 278. If you recall, last week was 280, which was the peak so far at 2016. So, if you’re thinking of selling your home right now, you’ve got to get into the market to capture those last few buyers. They are trying to buy a home for their kids to get into the new school system. Now would be the time to get in there. Thanks for listening, have a great day, I’ll talk to you next week.

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