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Monday Morning Market Update – January 25th 2016

Hi this is Dan Gilmartin with the Gilmartin Group Real Estate Company in Burlingame California. With your Monday morning market minute, January 25th 2016. Ok, now, again from South San Francisco to Redwood City, roughly 66,000 single family homes. And as of today, the inventory is 101. That’s up dramatically about 30% from last week. Last year at this time we had 89 homes on the market at this time. We had 35 new listings come on the market. We had 13 sales. Thirteen homes went into contract last week. That’s a little light. On a healthy week that should be around 40. Matter-fact, last year at that time we had 18 sales. Kind of interesting how the market is going at the same pace as last year. And as we all know last year was a great seller’s market. We had 1 expired.

For the condominium side of the conversation, it went down. It went down. It’s at 32 now. It was 34 last week. Last year at this time, 42 condominium on the market. So the condominium market, although the inventory spiked up last week, we had healthy sales at 16 condominium went into contract. Last year at this time 15 sales went into contract for condominium. And last week we had 3 expired.

So total market when you add the 66,000 plus the 16,000 condominium a total of 82,089 homes. Right now we have 133 home on the market. And again, for last year at this time we were at 131. Ok, so, still very low inventory. And if you are thinking of selling your home now is a good time. Now, think about it, if you are thinking about selling your home when is the best time to sell? When there is lots of inventory or when there is low inventory? Now if this trend continues with 30% spike in inventory, you can see that it is going to continue to grow. So if your thinking of selling your home – I don’t want to sound like a salesman – but sooner is better than later, less competition.

So, we would love to come out to your home take a look, give you a value, talk about your plans, give you a plan to help you get what you want in the time you want it. Wouldn’t that be great? Hey, thanks for listening I’ll see you next week.

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