Real Estate Update – Mid Peninsula
The market remains strong for another week.. Dan Gilmartin explains that and the weekly house inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Transcript – Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, October 2nd 2016 with your Monday Morning Market Minute. Inventory, single-families, 192 from South San Francisco to Redwood City, with 45 homes come on the market, and 43 homes go into contract — very healthy number. We had 17 price reductions last week, and you might recall the week before we had 18 price reductions. More on that later. Condominium inventory, 90 right now. We had 26 condominiums come to the market, we had 20 condominiums go into contract — that’s a pretty healthy number. So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 282 which is up slightly from 280. So, 17 price reductions. This year total, we’ve had 290 homes reduce their price. Here’s the interesting point: in the first 6 months of 2016, we had a 146 homes reduce their price. In the last 3 months, we’ve had a 149. So what is that telling us right here is that we have found resistance. We’ve found resistance to the top value right now. So if you’re a buyer, you need to act now to take advantage of the inventory that’s on the market right now, ’cause it’s gonna drop and those price reductions. Sellers, you need to act now because inventory is still relatively low. So if you’re thinking of buying or selling, you need to call me today, so I can guide you through and give you strategies on how to sell your home and how to buy your home to help you get what you want in the time you want. Won’t that be great? Thanks for listening, have a great day, I’ll talk to you next week.