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Monday Morning Market Minute – May 26th, 2020

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 26th, 2020 with your Monday Morning Market Minute. 

 Single-family inventory from South San Francisco to Redwood City right now is 164 that is down from 170 of last week. We had 27 come on the market, last week we had 27 homes come on the market thats very interesting. We also had 30 homes go into contract that beats last weeks 20, the week before that was 30 the week before that was 30. The market is finding its foundation right now, 30 seems to be the number we like to see right now week in and week out. We nomrally like to see 40 but really low inventory, at 30 sales is a great number. And having 27 homes come on the market 2 weeks in a row, the market is finding its base and thats really good news.

Condominiums right now 79 condominiums on the market up thats down from 84 of last week. We had 11 condominiums come on the market and 14 go in to contract thats a very good number, last week that number was 9.

WE also had 7 homes either expire, cancel or withdraw, last year at this time that number was 8. We had 15 price reductions, last year at this time we 15 price reductions very interesting.

So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…243 that is down from 254 of last week, last year at this time that number was 311. Again, supply and demand. We have very low supply right now, there is demand out there. I know the job loss conversation is out there and it is very very real, and I feel so bad for the jobs being loss, but there still are jobs. So if we lost 10% of your workforce at you name the company there are still 90% of people at that company, these people are out looking for homes and wanting find a home. top things people are looking for right now, they want more space, they want a home gym, they want to get out and find their own home with their own space. Will these extremely low interest rates and low inventory we are seeing multiple offers on several listings, there are other listings out there right now that have been on for a little bit and there could be opportunity there. If you are thinking of selling your home, there are buyers out there you do the right thing, you prepare your home to go on the market, you put on the right attractive marketing price on your home. There will be buyers looking at your home.

Buyers take advantage of these great interest rates and be someone who can find a great home and make and offer where someone might be wondering where to go. Ill tell you this, this mid peninsula real estate market is a healthy market and it will take care of you over the years and you own your home for 7-10 years trust me it will take care of you. Take advantage of those interest rates today.

Thanks for listening and we will talk to you next week!


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