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Monday Morning Market Minute – September 26th 2016

Real Estate Update – Mid Peninsula

The market remains strong for another week.. Dan Gilmartin explains that and the weekly house inventory numbers.

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Transcript – Hi this is Dan Gilmartin, with the Gilmartin Group Real Estate Company in Burlingame, California September 26th 2016 with your Monday Morning Market Minute. Okay, inventory for single-family homes right now from South San Francisco to Redwood City is 197 which is down from 210 of last week. We had 46 homes come on to the market — here’s some great news, ladies and gentlemen — 57 homes went into contract this last week, which is way over the 29 number we had last week, and very healthy over the 40 that we like to watch on a week over week basis. Here’s some interesting news: we had 18 homes reduce their price last week. What’s interesting is that that’s triple the amount we normally see on a week by week basis throughout the year. Condominiums, we have 83 condominiums on the market. We had 22 condominiums come into the market, and 19 condominiums go in to contract. So total-total from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 280, which is down from 296 of last week. So, with the 18 price reductions happening last week, shows me that the market is making shifts to show resistance to change. This market that we have here, the real estate market we have right here, is very resilient. And I think we all know that that’s a very great example right there, how it’s able to make shifts to resist the change. Thanks for listening, have a great day, I’ll talk to you next week.

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