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 14 2020. With your Monday Morning Market Minute.
Okay, single family inventory from South San Francisco to Redwood City right now is 140. That is down As to be expected from last week’s 161. Last year this time the number was 110 2018 number was 156. I find that very interesting because as I’ve been saying, I thought we were kind of mirroring the 2018 momentum. And here we are 140 in 2018. That was 156. We had 18. Homes come on the market last year this time. 18 homes came on the market. Interesting. We also had 32 homes going to contract. That’s a healthy number for mid December. Last week, that number was 25. Last year, this time, the number was only nine kind of injured now 151 condominiums on the market that is actually down from 160. As of last week, last year, that number was 82. Again, that story continues to prevail, with 11 economies come on the market last year this time.
11 condominiums came on the market. We had 18 countries going to contract that’s up slightly from last week’s 16 lash at this time that number was 14. Also with 23. More homes expire, cancer withdraw from the marketplace to be expected as we’re starting to roll into the holidays, some sellers are deciding to take their home off the market. We also had 17 price reductions, which is a pretty large number, not as large as last week’s number, but still a large number.
So total total in South San Francisco to Redwood City, single family homes and condominiums. inventory is 291, down from 329 of last week. Last year at this time, the number was 92. In 2018. The number was 236. Here we are 291. big story there is the condominium year over year this year. But 2017. As I’ve said in the past, when we roared into 2018, a very, very strong seller’s market. Total number in 2017 was 123. Today, we’re at 291. Still All in all, where are we going from here? Well, first Monday of 2021. I bet you’re gonna have well under 100 single family homes on the market right now we’re at 140 might be an even under 90. And for condominiums, will we get under 100 condominiums on the market for the first day of 2021. That’s what we’re looking for interest rates are still very low. There’s more positivity going on in the in the in the world right now in terms of the health crisis. Hopefully that continues to move forward there. So that’s something that we’re all watching. So I think that will affect interest rates as well. Anyway,
Thanks for listening. Have a great day, and I’ll talk to you next week.