Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, December 20th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 53. That is down from 74 of last week. Last year at this time, that number was 116. In 2019, that number was 87. 2018, that number was 124. And I’m gonna do a 2017 number here because as you may have heard me say, 2018 was a huge sellers market. Peak even. So what was happening at the end of 2017 going into 2018 is a big deal. Well, in 2017, there was 60 single-family homes on the market at this time. Again, today, we’re at 53. Wow. We had 11 homes come on the market. Last week, that number was 17. And we had 14 homes go into contract. Last week, that number was 23. Again, with such low inventory, 14 is an okay number. It’s not a bad number.
Condominiums right now, 64 condominiums on the market. That’s down from 77 of last week. Last year at this time, that number 134. 2019, that number was 70. In 2018, that number was 75. We had 12 condominiums, townhomes come on the market, and 12 go into contract.
We also had 5 homes either expire, cancel, withdraw from the marketplace, and we had 1 price reduction.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 117. That is down from 151 of last week. Last year at this time, that number was 250. In 2019, that number was 157. 2018, that number was 194. In 2017 going into 2018 peak, that number was 84. Here we are at 117.
Now you can see why 2018 started out and it was such a hot sellers market. And I tell you, that’s what’s gonna happen in 2022 as this inventory is going to continue to shrink. Condominiums doing well. Interest rates could start bumping up. So buyers are gonna be even more aggressive and wanting to find a home. So if you’re thinking of selling your home, first half of the year is gonna be gangbusters.
Thanks for listening, have a great day, have a wonderful holiday. Merry Christmas. Happy Holidays. And I’ll talk to you next week.