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Monday Morning Market Minute – November 12th 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, November 12th 2018, with your Monday Morning Market Minute.

Currently right now, we got a lot of fires going on and the smoke has definitely gotten to my throat. So if you can’t hear me very well, I apologize for that, and really, all of our hearts go out to all the fire victims right now and those great firefighters. And today, being Veteran’s Day, God bless all of our veterans in this great country of ours.

Okay, single-family inventory from South San Francisco to Redwood City right now is 233 — that’s up from 227 of last week. We had 45 homes come on the market, and we only had 27 homes go into contract — that is not the number we’re looking for versus what we like to see 40 week in and week out.

Condominiums right now, 88 condominiums on the market — that’s actually down from 95 of last week. We had 12 condominiums come on to the market, and we had 14 condominiums go into contract — that’s a pretty healthy number right now.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 321 — that’s down one tick of last week’s 322. Last year at this time, that number was 142. So like I said last week, we have come a long way from last year to this year. It is time to buy. If you’re a buyer, now is the time. Interest rates are going to go up. They didn’t go up last week — they were talking about doing it. So now’s a great time to go out and find that great house, ’cause inventory’s up and, you can get a great deal on a home right now.

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

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