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 12th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is up to 156. Last week, that number was 143. Last year this time, that number was 156. In 2019, that number was 156. I have to go one more year, 2018, that number was 146. Now remember, 2018 was a huge sellers market. Here we are at 156. 2018, 146. And, as I’ve been saying, we’re in a huge sellers market right now. It feels very reminiscent of the 2018 market. We had 68 homes come on the market. Last week, that number was 42. 68 is the most amount of homes that came on one week for 2021. Last year this time, 25 homes came on the market. Again, that was a very volatile time as we all know. And in 2019, 52 homes came on the market. But with 68, that’s “Hello, Spring Market.” Lots of new inventory there. We also had 44 homes go into contract. Last week that number was 51. Also last week, inventory went down, so with less inventory is why, week over week, we had less sales. Although, as you know, 44 is a number we like to see week in and week out for a very healthy market. Last year this time, we only had 10 homes go into contract. Again, volatile moment. 2019, 32 homes went into contract.
Condominiums right now, 116 condominiums on the market. That’s up slightly from 112 of last week. Last year this time, that number was 54. 2019, that number was 72. Again, today, 116 condominiums, town homes on the market. We had 25 of them come on the market. And 16 go into contract. Last week, that number was a whopping 27. 16 is a good healthy number, yet with all those sales, inventory dropped a little bit, and thus we had a little less sales for the condominiums. We also had 6 homes either expire, cancel, or withdraw from the marketplace. Last year, that number was 10. And we had 14 price reductions. Last year, that number was 9.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 272. That’s up from 255 of last week. The peak so far for 2021 is 276. So this is the closest we’ve gotten to that, 272. Last year that number was 210. And in 2019, that number was 228. Again, today we’re at 272. So good news for buyers. That’s almost the most homes we’ve had, product for you to look at. So that’s very good for the sellers. We do need a little bit more inventory. Plenty, plenty, plenty of buyers. Sellers, hey, Spring Market is on. If you’re thinking of selling your home, time to get that home prepared. And put it on the market. Buyers are out and ready to go. We’re getting ready to go to the summer months. School’s ending. Market is on.
Thanks for listening, have a great day and I’ll talk to you next week.