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Monday Morning Market Minute – November 5th 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 5th 2018, before Election Day, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 227 — that’s down from 241 of last week, and last year at this time, that number was down to 109. We had 36 homes come on the market, and we had 31 homes go into contract. Now last week we had 39 homes go into contract; last year that number was 46.

Condominiums right now, we have 95 condominiums on the market — that’s exactly the same as last week. We had 18 condominiums come on the market, and we had 15 condominiums go into contract — that’s much better than last week’s 10.

Here’s some more interesting news: 29 homes either cancelled, withdrawn or expired — they took their home off the market. 29. That’s a high number. And we had 30 homes reduce their price. Last year at that time, we only had 5 homes that actually reduced their price.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 322 — that’s down from 336. Very common for this time of year for the inventory to go down. But last year at this time, that number was 155. So we’ve come a long way from a year ago in terms of our inventory numbers, so if you’re thinking of buying a home, you’re in a great spot right now. You have things to look at. Interest rates are still down. We’re being told they’re gonna go up, so now is a great time to get that home — find that wonderful home and be in before the holiday. You have about a week or two left for that.

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

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