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Monday Morning Market Minute – September 10th 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, September 10th 2018 with your Monday Morning Market Minute. And boy, do I have big news.

So, single-family inventory from South San Francisco to Redwood City right now is 224 — that’s up from 178, and that is 2018 peak. Back in 2016, that number was 210. Huge huge change right there. We had 74 homes come on the market, and we only had 26 homes go into contract. So during Labor Day week, we had people putting their homes on the market, and I think the buyers went on vacation. So it’s gonna be very interesting to see what happens in the next couple of weeks.

Condominiums right now, 79 condominiums on the market — that’s up from 48 of last week. We had 32 condominiums come on the market, and we only had 4 condominiums go into contract — that’s a really low number. Again, are the buyers on vacation? Labor Day week? Very very common for that to happen.

So total-total, from South San Francisco to Redwood City, single family homes and condominiums, inventory is 303. That’s the first time we’ve gone over the 300 marker in years, and that’s up from 226 of last week. So, right here, you’re watching the Monday Morning Market Minute, and if this trend continues, you just witnessed the transition in this market. So stay tuned to see what happens in the next couple of weeks, ’cause if this inventory starts coming back down, then this transition that we’re talking about isn’t happening yet.

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

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