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Monday Morning Market Minute – December 13th, 2021

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, December 13th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 74. That is down from 79 of last week. We had 17 homes come on the market, and 23 homes go into contract. Last week, that number was 19, so that’s better, to see that the sales are bumping up. But with such low inventory, that’s actually a really great number. Last year at this time though, there were 32 sales. I think the market last year was really kinda starting to wake up again because of the situation we’re in. So, that was a really interesting data point. But in 2019, there was 9 homes that went into contract. And in 2018, 27 homes went to contract. Again, here we are, 23. And I’m starting to see how the 2018 market and the 2021 market is starting to look very, very similar.

Condominiums right now, 77 condominiums on the market. That’s way down from 101 of last week. Last year at this time it was 151 condominiums. In 2019, that was 82 condominiums on the market. And in 2018, very interesting, 74 condominiums on the market. Again, today, 77. We had 8 condominiums come into market. Again, that’s much lower than last week’s 17. And we had 20 condominiums go into contract. Last week that number was 18. Last year, that number was 18. 2019, that number was 14. In 2018, there was 8 condominium sales. Again, today, 20. So that’s actually a really, really healthy number.

Also we had 13 homes either expire, cancel, or withdraw from the marketplace. Last year at this time, that number was 23. Probably why the sales were up last year at this time. In 2019, that number was 11. In 2018, 27 homes either expired, canceled or withdrew from the marketplace. We also had 3 price reductions. That’s a very, very small number. Last year, that number was 17. 2019, that number was 14. In 2018, that number was 15. And today, last week, 3 price reductions.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 151. That is way down from 180 of last week. Market is still moving. I know we’re going into the holidays. One might be thinking that we’re closing our doors. That’s certainly not the case. For instance, we had one of our open houses yesterday in San Mateo. We had over 51 groups come through. That’s over 100 people come through. Maybe they heard last week’s Monday Morning Market minute when I shouted out “Buyers season”. That address was 1523 Overland in San Mateo. Great house. Already, people wanting to bring us offers. So this market is still moving hot, hot, hot. Which also means, inventory’s gonna continue to shrink for the rest of the year. And starting just a really robust 2022.

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

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