Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Video Transcript
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, August 2nd 2021, dog days of summer, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 173. That’s up slightly from last week’s 171. We had 58 homes come on the market. That’s another huge number. Last week that number was 57. The week before was another large number. So, inventory keeps coming on the market which is great for the buyers because we got plenty of buyers out there, interest rates are still down. We also had 46 homes go into contract. Last week, that number was 51. Again, seeing 40 week in and week out is a great average, wonderful number. 46 is awesome.
Condominiums right now, 123 condominiums on the market. That’s actually down from 130 of last week. We had 31 condominiums come on the market, just like last week’s 31. And we had 26 condominiums go into contract. Last week, that number was huge at 35. But 26, still a great number.
We also had 13 homes either expire, cancel or withdraw from the marketplace. Bit of a high number. And we had 16 price reductions. That is another large number. Very interesting. The market’s very hot right now, and yet to see that many homes to come off the market and not many homes reduce their price is very interesting. So, it always goes to show pricing is always, always so important.
So, total-total, from South City to Redwood City, single-family homes and condominiums, inventory is 296. That’s down from 301 of last week. So we’ve come down the 300 marker. Is inventory gonna continue to go down from here? Very, very likely. If interest rates stay the way they are, and the outlook continues, no big surprises coming, this inventory is probably gonna continue to shrink. Although sometimes in October, we do see a little bump there. But still, 296 homes on the market, total-total. Wow, that’s unbelievable. If this does continue like I think, that means 2022 is gonna start with a bang, but again, only time will tell.
Thanks for listening, have a great day and I will talk to you next week.