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Monday Morning Market Minute – May 16th 2016

Real Estate Update – Mid Peninsula

A large spike in inventory, the largest for the year so far! Dan Gilmartin breaks down the weekly house inventory numbers.

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Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 16th, 2016, with your Monday Morning Market Minute. Okay, humongous news. From South San Francisco to Redwood City, the single family home inventory jumps to 202. Last week was 170. We had 68 homes come on to the market. 68, that’s a big number. We had 44 homes go into contract. And with the cancels, withdrawns and expires, that number is 9. For the condominium part of the conversation, there’s 69 condominiums on the market. We had 27 condominiums come into the market, and we had 17 go into contract. So total-total, condominiums, single family homes, from South City to Redwood City, 271. That is the peak of the year, the highest number we’ve seen all year. Last week was 234. This is the initial blip– the blip that I’ve been telling you about that’s gonna happen from June and July. Why is this number up today? Because sellers are thinking, “Hey school year’s beginning to end. Let’s get the home on the market, so the buyers can buy our home, and know what school they’re gonna go to.” So if you’re thinking of selling your home, you gotta get in now. Thanks for listening, have a great day, I’ll talk to you next week.

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