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Monday Morning Market Minute – September 11th 2017

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 11th 2017, with your Monday Morning Market Minute. Okay, single-family inventory from South San Francisco to Redwood City right now is 121 — that’s up from 111 of last week. We had 56 homes come on the market, and we had 39 homes go into contract — that’s a very healthy number. Condominiums, right now we have 57 condominiums on the market — that’s up from 46. Here’s some good news for condominium buyers: we had 28 condominiums come on to the market — that’s a very healthy number, but we also had 16 condominiums go into contract, so in on the sales side, that is also a healthy number. So total-total, single-family homes and condominiums, from South City to Redwood City, right now inventory is 178 — that’s up from 157. Now you’ve heard me say this in the past: there’s roughly 66,000 single-family homes from South City to Redwood City, and there’s about 24,000 condominiums from South City to Redwood City. So let’s just call it 90,000 homes in that area. Out of 90,000 homes, there’s only 178 homes for sale. There’s about 3,000 agents that belong to the board, and I will conservatively say 1200 of them are trying to make a living; from South City to Redwood City, we got 1200 agents trying to sell 178 homes. So if you think this market is going down, you can clearly see that that is not the case. So if you’re thinking of selling your home, naturally I’d love to come out to your home, put together a plan and ultimately help you get what you want and the time you want. Won’t that be great? Hey, thanks for listening, have a great day, and I’ll talk to you next week.

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