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, August 16th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 156. That is down, again, for the second week in a row from 173 of last week. We had 43 homes come on the market. Last week, that number was 58. And we also had 52 homes go into contract. That’s an incredible number. Last week, that number was 49. And, again, we like to see at least 40 week in and week out for a very healthy number. So at 52, that’s actually fabulous.
Condominiums right now, 113 condominiums on the market. That’s down from 114 of last week. We had 23 condominiums come on the market. And 14 condominiums go into contract. Last week, that number was 23, good number for sales, for condominiums, is mid-teens. So, 14, almost right there.
Also, 7 homes either expire, cancel, withdraw from the marketplace. Last year at this time, very interesting number, 28. We also had 17 homes reduce their price. Last year, that number was 24. Again, year over year, what a different change that is.
So, total-total, from South City to Redwood City, single-family homes and condominiums, inventory is 268. That is down from 287 of last week. Remember, we got just a little over 300. The question was, “Were we gonna continue to go higher and higher into the 300s?” or “Were we gonna go down?” And my thought was, I think we’re gonna go down. And so far, my prediction is holding strong at 268. Last year at this time, that number 361. In 2019, that number was 263. And in 2018, 243. Again, today, 268.
I’ve also heard people ask me, “Hey, are the markets slowing down?” Where are you hearing that? At least in the mid-peninsula, this market is not slowing down. We still need more listing. We need more inventory. We have plenty of buyers. Interest rates are still very, very attractive. So if you’re thinking of selling your home, school has started. Don’t let that kind of thinking stop you from putting your homes on the market because we need your inventory. Give me a call.
Thanks for listening, have a great day and I’ll talk to you next week.