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 6th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 79. That’s up one tick from last week’s 78. It’s probably because of the post-Thanksgiving holiday last homes came on the market. Last year at this time, that number was 140. 2019, that number was 110. And in 2018, that number was 156. Again, today, 79 single-family homes on the market. Very low number. We had 27 homes come on the market. Pretty good number actually for post-Thanksgiving holiday. And we had 19 homes go into contract. That’s less than last week’s 21. Again, it’s because of the post-Thanksgiving holiday is why that number’s lower. Last year at this time, that number though was 32. Very surprising. That was an excellent number, especially last year. In 2019, that number was 19. And in 2018, that number was 27. Again, today, this last week, we had 19 single-family homes go into contract.
We have 101 condominiums on the market, just the same as last week’s 101. Last year at this time, that number was 151. 2019, that number was 82. In 2018, that number was 74. Again, today, 101 condominiums, townhomes on the market from South City to Redwood City. We also had 17 condominiums come on the market. And 18 condominiums go into contract. Now that’s a very healthy number actually, especially after the post-Thanksgiving holiday.
We also had 14 homes either expire, cancel, withdraw from the marketplace. Last year at this time, that number was 23. And we also had 5 price reductions. Last year, that number was 17. Very different there.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 180. That’s up from last week’s 179. Last year, that number was 291. I had to double take that — 291 last year. In 2019, 192 total-total on the market. In 2018, 230. Here we are, 180 homes on the market. Hey, this is buying season. Interest rates have ticked up a little bit. If you’re thinking of buying, now is a great time to buy a home. Especially, let’s get you in a new home before the end of the year, before interest rates maybe go up even more. But it’s definitely buyer season.
Thanks for listening, have a great day, and I’ll talk to you next week.