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 4th 2022, with your Second Quarter Start Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 129. That’s up from last week’s 122. We had 55 homes come on the market. Last week that number was 46. And we had 47 homes go into contract, beating last week’s number of 34, which is great news, seeing that we’re getting that 40-number week in and week out, here with the 47. And that was expected as inventory grew a little bit.
Condominiums right now, 108 condominiums on the market. That’s up 98 of last week. We had 29 condominiums come on the market. And 19 condominiums go into contract. Mid-teens is usually a really good number. A healthy number. Last several weeks, we’ve been in the 20s there. So still with 19, that’s still a good number, and very healthy.
We also had 3 homes either expire, cancel, withdraw from the marketplace. And 7 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 237. That is up from 220 of last week. And as expected, inventory is gradually moving forward. That is the new peak. 237 that’s the most we’ve had on the market in 2022. But again, that is to be expected. And sales still, also very, very healthy. So the market is being very efficient right now.
Thanks for listening, have a great day. And I’ll talk to you next week.