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 9th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 173. Last week, 173. Last year at this time, 200. Again, what a difference a year makes. Unbelievable. We had 58 homes come to market. Last week, 58 homes come on the market. Unbelievable. Last year at this time, 56 homes actually came on the market. And we also had 49 homes go into contract. Last week, that number was 46. Last year at this time, that number was 39. 49 is a great number.

Condominiums right now, 114 condominiums. That’s way down from 123 of last week. Last year at this time, 152. Again, it was really the condominium market that felt the biggest brunt of the uncertainty of last year. And here we are, down, down to 114. Very exciting for our condominium sellers. We had 23 condominiums come on the market. Last week, that number was 31. And we had 22 condominiums go into contract. Last week, that number was 26. If we’re in the mid-teens, I think that’s a great number. So at 22, fabulous number.

We also had 13 homes either cancel, withdraw or expire from the marketplace. Last year, that number was 25. And we had 17 price reductions. Last year, that number number was 27.

So, total-total, from South City to Redwood City, single-family homes and condominiums, inventory is 287. Down from 296. Last week I talked about it: are we going to continue to go under the 300 marker that we reached a few weeks ago? Or are we gonna go above? I thought probably we’re gonna go down, and here we are going down. Again, if this continues to go down through the year, oh my goodness. 2022 is gonna also be another banner year for sellers. Last year, the total-total number was 352. 2019, that number was 266. And if you’ve been watching, I do like to show that 2018 year. 228 was the total-total number. Again, here we are 287. That’s an extremely low number, meaning sellers market still. Inventory is down. Interest rates are down. Plenty of buyers, so if you’re thinking of selling your home, and we’re at the end of the summer, don’t let that deter you. Let’s get this done.

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