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, October 10th 2016 with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City currently is at 183 which is down from 192 of last week. We have 45 homes come into the market, and we had 51 homes go into contract — that’s way above last week’s 43 and a healthy over the 40 marker that we’re looking at week over week. We also had 15 homes reduce their price, very interesting number. We’ll talk about that a little more in a little bit. Condominiums, 86 condominiums on the market right now. We had 20 condominiums come to the market, and we had 20 condominiums go into contract — that’s a healthy number. So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, total inventory is 269 which is way down from 282 of last week. So 15 price reductions. This is several weeks in a row now, especially the second half of the year, we’re having a very high number of homes reducing their price. So what is that still telling me? That the market is still finding its resistance to the top price. So if the market is trying to find the resistance, and the sellers are capitulating and reducing their prices, is causing that healthy sales week like last week of 51 sales because homeowners are reducing their price, and the market’s realizing it and capturing it and making those sales happen. Also, buyers, if you’re thinking of buying right now, now is the time. If you want to buy you home, and get in before the holiday, and have your holiday in your brand new home, you want to get in now, before the inventory continues to lower, ’cause that’s what’s going to happen. Sellers, if you’re thinking of selling right now, or you want to get you home sold by the end of this year, you’re in a great spot right now — low inventory means great offers so a great time. Hey, thanks for listening, have a great day, I’ll talk to you next week.