Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

See your home value right now: http://www.thegilmartins.com/home-valuation/

Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, April 19th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 137. That’s down from 156 of last week. Last year at this time, that number was 157. We had 46 homes come on the market. Last week, that number was huge at 68. Last year at this time, that number was only 25. And with all that inventory that came on last week, 55 homes went into contract. Last week’s number was 45. 55 is a huge, huge, healthy number for sales.

Condominiums right now, 115 condominiums on the market. That’s down slightly from last week’s 116. We had 27 condominiums come on the market, and we had 26 condominiums go into contract. Now that is a very super healthy number.

We also had 4 homes either expire, cancel, or withdraw from the marketplace — low number which is good. And we had 8 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 252. That’s down from 272 of last week. Last week, 272 was the peak for 2021. So we hit that level, and boom. Tons of sales. Market is very very hot. As I’ve been saying, it’s not showing any signs of slowing down right now. So if you’re thinking of selling your home, now is a great time, because we need more inventory.

Thanks for listening, have a great day and I’ll talk to you next week.