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Monday Morning Market Minute – November 19th 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 18th 2018, with your Monday Morning Market Minute.

I do wanna say Happy Thanksgiving, everybody, this Thanksgiving week. There’s lots to be thankful for.

So, single-family inventory from South San Francisco to Redwood City right now, 211 — that’s down from 233 of last week. We had 25 homes come on the market, and we had 33 homes go into contract — that’s not the 40-number we’re looking for, but certainly better than last week’s 27.

Condominiums right now, 81 condominiums on the market — that’s down from 88 of last week. We only had 9 condominiums come to market, and we had 12 condominiums go into contract — that’s a pretty good number for this time of year.

Some other interesting news is 21 expireds, cancels, withdrawals — that’s again a high number. Last year at this time, that number was only 4. We also had a lot of price reductions, people lowering their price — 23 last week. Last year at this time, there was 3 homes that actually reduced their price.

So what’s this doing to total-total? From South City to Redwood City, single-family and condominiums, inventory is 292 — down from 321. That’s huge with inventory coming down right there. Last year at this time, that number was 118. So if you’re thinking of buying, now is a great time. Inventory’s starting to go down, so if you want to go out and find those great homes on the market, interest rates haven’t gone up yet, we know they are. So now is the time. Get that home for the holidays.

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

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