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Monday Morning Market Minute – June 5th 2017

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, June 5th 2017, with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City right now is 157 — that’s up from 126 of last week. We had 67 homes come on the market — good news for buyers — and we had 36 homes go into contract — that’s a little under our 40 number, but remember last week was a holiday week, so actually a very good number. Condominiums, we have 54 condominiums on the market — that’s up slightly from 50 of last week. We had 22 condominiums come into the market, we had 18 condominiums go into contract — that’s a very healthy number. Here’s something interesting: we had 8 price reductions last week — that’s a pretty high number. So hey, if homes are on the market for more than 14 days, they’re simply overpriced. That’s where there is some opportunity buyers. So always look at days on market, if you see something that’s been on the market for a couple of weeks, there could be some negotiating there. So, total-total, from South City to Redwood City right now, single-family homes and condominiums, the inventory is 211 — that’s up from 176, still a very low number. So if you’re thinking of selling your home, now is a great time to put your home on the market, put the right plan together, so you can get what you want and the time you want. Won’t that be great? Hey, thanks for listening, have a great day, and I’ll talk to you next week.

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