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 7th 2016 — my birthday — with your Monday Morning Market Minute. Single-family inventory from South San Francisco to Redwood City — oh by the way, do you remember, there’s 66,000 single-family homes from South City to Redwood City. The inventory today, 150. 150 of the 66,000 single-family homes. We have 29 homes come on to the market, and we have 29 homes go into contract — that’s low for our 40-number that we’re always looking at, but kind of typical for this time of year. Condominiums, we have 80 condominiums on the market, which is down from 88 of last week. We have 15 condominiums come into the market, we had 17 condominiums go into contract — that’s a healthy number. Here’s a couple more numbers for you: 13 price reductions last week — that’s a high number. Here’s another thing: ten homes expired last week — that’s a very healthy number, high number that we’ve seen all year, to have 10 homes expire, meaning coming out of the market expiring and not on the market anymore. So total-total from South San Francisco to Redwood City, condominiums and single-family homes, inventory is 230, which is down from 244. So it’s still a great time to put your home on the market. And I said in the past, I got a whole list of ideas for you. Here are just a few: sellers, reason to sell you home during the holiday — those buyers are really motivated. They want to get into their home for the holidays. They’re very emotionally attached to getting this done for their family. Sellers, inventory is low, which means less competition. And not to mention sellers, your homes look great when they’re decorated for the holidays. Buyers, there’s still a great time to buy. Here’s a couple of reasons: sellers are motivated — we’re getting towards the end of the year right now, and they’re motivated to get their homes sold. Potential tax breaks for buying a home before the end of the year. Interest rates are low. And, faster closing. Thanks for listening, have a great day, I’ll talk to you next week.