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Monday Morning Market Minute – March 5th 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, March 5th 2018 with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 101 — that’s up slightly from 98 of last week. And last year at this time, that number was 94. We had 47 homes come on the market, and we had 40 homes go into contract — that’s a very healthy number, but remember again, 2017  the average was 35, but always we are looking for a 40 week-in and week-out for a really healthy market, so last week was a great week for sales.

Condominiums right now, 47 condominiums on the market. Last year at this time, the number was 47. We had 24 condominiums come on the market, and we have 16 condominiums go into contract. Last year at this time, 16 condominiums went into contract. Very very interesting.

So, total-total, from South San Francisco to Redwood City, condominiums and single-family homes, inventory is 148. Last week was 140, and last year, that number was 141. So we’re up just slightly from last year, and I’m bringing this up ’cause we’re always wanting to know ‘where is this market going?’, ‘how is the market doing?’

Well inventory is still really really low. 2017 was a fabulous year, we’re right there, right with 2017, and really feeling even a little bit better. Now interest rates have been going up, so that could be causing buyers to act. Also we have different things going on right now, and it’s not affecting the market. Now, if this market — if and when it does turn, I don’t think that’s going to be the catalyst of why the market turns, but surely this is gonna be a part of the conversation.

So, if you’re thinking of selling your home, this year, now is a great time to sell your home. Inventory is extremely low, we’ve got plenty of buyers out there, if interest rates continue to go high, obviously that pulls the buying power from the buyers, so again, everything leads to now is a great time to sell your home.

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

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