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 7th, first Monday of December 2020, with your Monday Morning Market Minute.
Okay, what we’re wanting to see is that the inventory is going to continue to shrink, so here we go. From South San Francisco to Redwood City, single-family homes, inventory is 161. Last week, that number was 161. Now here’s some interesting news: last year at this time that number was 119. In 2018, and I’ve been saying in past episodes that right now, I feel like we’re following the 2018 pattern. In 2018, that number was 167. Again, today is 161. And then the 2017 number when we roared into 2018 — 2018 being a very hot, super hot sellers market. In 2017 that number was 91. Incredible. We had 32 homes come on the market — that’s a big number for this time of year. Last week at this time, that number was 17. We had 25 homes go into contract. That’s down from last week’s 33.
Condominiums right now, 168 condominiums on the market. That’s actually down slightly from 172 of last week. Last year at this time, that number was 86. Again, that’s the big story here year over year. Condominiums inventory just ballooned. We had 25 condominiums come on the market. That is also a very large number for this time of year. Last year at this time, that number was only 5. And we had 16 condominiums go into contract. Last week, that number was 10.
Here’s some more interesting news: we had 31 homes expire, cancel, withdraw from the marketplace. That’s a very, very big number. Last year, that was only 11. And we had 23 price reductions. That is, too, a very large number. Last year at this time, that number was 2.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 329. That’s down slightly from 333. And again, the big story there is the condominium inventory — that’s really pushing that up. Last year at this time, the total-total inventory was 205. In 2018, that number was 242. You know, again take off the balloon inventory of the condominiums and we’re right there. But here, 2017, 126. And here we are today, 329. Are we gonna get below 200 or are we get below 100 when we start the new year? That’s what we’re watching. Either way, yes, inventory is up, but on a macro level, that’s still very, very low inventory, but how much lower will it get? Interest rates are still very very good. Market’s still moving, so, typically, people don’t put their homes on the market, per se, this time of year. I say, it might be a great time to do that. Take adavantage of the buyers that are still out there, ’cause their interest rates are great for them. Decorate your home, looks fantastic? Could be a very good time to sell your home.
Thanks for listening, have a great day, and I’ll talk to you next week.