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 18th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 137. That is down from 153 of last week. Last year at this time, that number was 137. In 2020, that number was 157. In 2019, that number was 156. In 2018 number, 146. Again, here we are at 137. We had 53 homes come to the market. That’s a really healthy number. Nothing like last week’s 64 though which was a bang out number, most homes that come to market in 2022 in a single week. We had 59 homes go into contract. That’s the most homes we’ve seen go into contract in a single week in 2022. Isn’t that interesting? Following the most inventory in a single week from last week. Last year at this time, there was only 45 — or last week, there was 45 homes that went into contract. Again, today it was 59.
Condominiums right now, 110 condominiums on the market. That is up from 102 of last week. Last year at this time, that number was 115. In 2020, that number was 67. 2019, that number was 72. And the 2018 number was 52. Again, here we are at 110. We had 33 condominiums come to the market. Last week, that number was 33. And we had 20 condominiums go into contract. Again, mid-teens is always a healthy number. At 20, that’s a very, very good number. Last week was really nice at 31.
We also had 10 homes expire, cancel, or withdraw from the marketplace. Very typical. And 8 price reductions. Again, very typical.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 247. That is down from 255 of last week. Last year at this time, that number was 252. 2020, that number was 224. 2019, that number was 225. And in 2018, that number was 190. Again, here we are at 247.
Yesterday was Easter, a holiday weekend. And we came in with a lot of inventory. That didn’t slow down the buyers. And we had massive sales. Interest rates are moving. So again, buyers are acting. Sellers, if you’re thinking of selling your home, now is a great time. Sooner is better than later, along with the buyers.
Thanks for listening, have a great day. And I’ll talk to you next week.