Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, April 11th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 153. That is up from 129 of last week. And as expected, the spring market is coming on. We had 64 homes come on the market. Last week, that number was healthy at 55. 64 is the most homes we seen come on the market in a week’s span in 2022. And last year at this time, exact same thing happened with 68 homes came on the market last year at this time. We had 45 homes go into contract. That’s a really healthy number. Last week’s number was 47. So clearly the higher interest rates that are starting to happen I think is causing buyers to act.
Condominiums right now, 102 condominiums. That’s actually down from 108 of last week. Last year at this time, that number was 116. In 2020, that number was 54. 2019, that number was 60. And the 2018 number was 49. So here we are at 102. But the fact that the inventory went down there is showing me that the condominium-hometown market is showing very good efficiency and is starting to be more competitive there. We had 33 condominiums come on the market, and 31 condominiums go into contract. That is a huge number. Last week that number was 19 which was a good average in the teens number, but here we are at 31 sales. That’s the most condominium-townhome sale in a week in the year 2022.
Expires, cancels, withdraws, 6. And price reductions was also 6.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 255. That is up from 237 of last week. And 255 is the new 2022 total peak inventory. Last year at this time, that number was 272. In 2020, that number was 210. In 2019, that number was 200. And the 2018 number was 116. Here we are at 255 total-total on the market. Spring market is here. Interest rates are going up. So sooner is better than later for both sellers and buyers.
Thanks for listening, have a great day. And I’ll talk to you next week.