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 25th, 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 137. Last week, that was 137. Last year at this time, that number was 132. In 2020, that number was 155. 2019, 147. And 2018, 162. Here we are at 137. Very interesting on single-family homes market is showing very good resiliency. We had 58 homes come to market. That’s a huge number. Last week was also a big number was 53. And 51 homes go into contract. Last week that number was 59. Hey, as you’ve been hearing me say in the past, 40 week in and week out is very healthy. Here we are at 51.
Condominiums right now, 102 condominiums on the market. That’s down from 110 of last week. Last year at this time, that number was 129. 2020, that number was 69. 2019, 73. And the 2018 number was 43. Again, here we are at 102. But big news there is that the inventory there declined. We had 25 condominiums come on the market. Last week, that number was 33. Again, 25 is a good number. And we had 31 condominiums go into contract. That’s a great number. Last week was a good number at 20. When we’re in the teens, I usually say that’s a good number. So we’re at 31. That’s really, really good.
We also had 9 homes expire, cancel, or withdraw from the marketplace. But here’s something very interesting: we had 15 price reductions. Now that’s on the high side. And some of you know, that’s almost double of what we normally see at this time of year for price reductions. So thinking about it, we have interest rates rising, and now I’m seeing a big number of price reductions. Has the market, have we found that top for the 2022 values? I’m thinking so, but again, only time will totally tell. But that’s what I’m thinking.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 239. That is down from 247 of last week. Last year at this time, that number was 261. 2020, that number was 224. Very interesting. In 2020, that number was 224. I think that’s when we started waking up, and this thing really started heating up again. You may recall. In 2019, that number was 220. And in 2018, that number was 205. The big difference was the condominium market inventory there. So here we are again today at 239.
Macro-thinking, inventory is extremely low. Are we seeing a shelf of our appreciation for the 2022? I’m starting to think so. So if you’re thinking of selling your home, sooner, sooner is definitely better than later, with what is going on in the environment in terms of interest rates, and things going along on the big stage.
Thanks for listening, have a great day. And I’ll talk to you next week.