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. December 21, 2020. With your Monday Morning Market Minute.

Holiday week, so inventory from sells San Francisco to Redwood City 116, way down from 140 of last week again to be expected last year. This time though. 87 homes are on the market with 15 homes come on the market last year, this time, only six came on the market, and we had 24 homes go into contract with such low inventory. That’s a pretty darn good number. Last year, this time, the number was 2200 134 condoms on the market that’s down from last week’s 151 with nine condominiums of names come onto the market and we have 11 condoms going to contract. Last week, the number was 18. Last year, the same that number was 10. Also, we had 14 homes either cancel or withdraw or expire from the marketplace.

So total total from South San Francisco to Redwood City, single-family homes and condominiums inventory is 250. That’s down from 291 of last week. Last year, this time the number was 157. And again, the big difference there is the condominium inventory today at 134. Last year at 70. So that’s the big difference. All in all, inventories very low. We were working with buyers all weekend and there wasn’t much to show the buyers. So the market needs inventory. What does that mean? Well, now hold on inventory is going to really be coming on the market for the rest of the year. So when we roll into 2021 there’s going to be pent up demand with low inventory. You know what that means?

Thanks for listening. Have a great day. And I’ll talk to you next week.