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 5th — welcome to the second quarter 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 143. That is down from 152 of last week. Huge, huge news there. Last year, the number was 140. We had 42 homes come on the market. Last week, that number was 56. And we had another whopping 51 homes go into contract. Last week, that number was 41. That’s 4 weeks in a row where we’ve hit either 40 or higher in sales. That is great news.

Condominiums right now, 112 condominiums on the market. That is down from 120 of last week. Last year this time, that number was 48. We had 27 condominiums come on the market, and 27 condominiums go into contract. That’s the highest number in 2021 for condominium sales. That is huge. Last year this time, that number was only 4. And look back where we were last year. What a difference a year makes in the condominium market. Last year, 4 condominiums go into contract and then this year, 27. That’s fabulous news.

So, we also had 19 homes either expire, cancel, withdraw from the marketplace. That’s a really high number. And we also had 9 homes reduce their price.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 255. That’s down from 272 of last week. Last year at this time, that number was 188. Again, today we’re at 255. That is low inventory. The market, as I’ve been saying, is absolutely on fire. It’s a full-fledged sellers market. We have multiple offers. So if you’re thinking of selling your home, like I’ve been saying, now is the time.

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