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 23rd 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 145. That is down from 156 of last week. Last year at this time, that number was 208. 145 single-family homes on the market from South San Francisco to Redwood City. You know what, there is roughly 60,000 single-family homes from South San Francisco to Redwood City, and there’s only 145 homes for sale. That equals red-hot. We had 46 homes come on the market, and 52 homes go into contract. Last week, that number was 52. The week before that was a high number. So low inventory and continued huge sales. Unbelievable.
Condominiums right now, 107 condominiums on the market. That’s down 113 of last week. Last year at this time, that number was 150. What a difference a year makes. We got 26 condominiums come on the market, and we had 25 condominiums go into contract. Now, that’s a super healthy number. Mid-teens is always a good number week in and week out. 25 is an excellent, excellent number.
We also had 8 homes either expire, cancel, withdraw from the marketplace. Last year, that number was 12. And, we had 16 price reductions. Interesting there. Last year, that number was 27 though.
So, total-total, from South City to Redwood City, single-family homes and condominiums, inventory is 252. Down again from 268, continuing to lower total-total inventory. Unbelievable. Last year, the number was 358. 2019, 268. 2018, 230. Again, today, 252. Unbelievable low inventory. The market is hot. School is in session. And the market continues to go. Interest rates are still extremely attractive. We need more inventory. So if you’re thinking of selling your home, give us a call.
Thanks for listening, have a great day and I’ll talk to you next week.