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 06th 2017 with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City right now is 94, which is up one from last week of 93. We had 38 homes come on to the market, and we had 31 homes go into contract, which is a pretty healthy number, although you know I like to see 40 week in and week out, but with such low inventory, 31 is a pretty healthy number. Condominums, we have 47 condominiums on the market right now, we had 16 condominiums come in to the market, and we had 16 condominiums go into contract — that’s a pretty healthy number too because inventory is so low. So total-total, single-family homes and condominiums, the inventory right now is 141, which is only up by one of last week which was 140. Here’s an interesting point, we had 16 homes reduce their price last week. That’s very interesting. Here we are in a sellers’ market, low inventory, and we are having price reductions? Something went wrong there. So, as you’ve heard me say, if you’re thinking about selling your home, now is a great time to get into the market because inventory is so low. In that way, we need to get together, so I can put together the right plan, so we’re not reducing their price, but we getting you what you want, anytime you want. Won’t that be great. Hey thanks for listening, have a great day, I’ll talk to you next week.