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Monday Morning Market Minute – June 27th 2016

Real Estate Update – Mid Peninsula

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, June 27th 2016 with your Monday Morning Market Minute. Here we go. Single-family home inventory from South San Francisco to Redwood City is currently at 213. That is up from 203 of last week. We had 53 homes come on the market — that’s a healthy number — and we had 34 homes go into contract. Now you may remember me saying in the past, that 40 homes per week on average is a good number. 34, that’s lower than the average that I like to watch, that’s something to certainly pay attention to. Condominiums, active condominiums 61 — way down from 75 of last week — with 11 condominiums come into the market, and with 11 condominiums go into contract. So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 274, down slightly from 278. Again, I haven’t said this in a while. From South San Francisco to Redwood City, there’s roughly 66,000 single-family homes, and as of today, there’s only 213 for sale. I know there’s 3,000+ agents belonging to the board, at least there’s 1200 agents are trying to make a living from South City to Redwood City. So we have 1200 agents, at least trying to sell 213 homes. We have 1200 agents at least trying to sell 61 condominiums. The market, number-wise is still hot. Now is still a good time to put your home on the market. Hope you’re having a great day. I’ll talk to you next week.

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