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, February 14th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 94. That’s up from 83 of last week. Last year at this time, that number’s 139. In 2020, that number was 99. In 2019, that number was 134. And the 2018 number was 79. Here we are at 94. We’re starting to pull away from that 2018 low inventory number. Although 94 is still extremely low. I just find that very interesting. We had 44 homes come on the market. Last week, that number was 41. Now, 44 new listings going into the Superbowl weekend is very interesting. It’s a high number for that week. We also had 33 homes go into contract. Last week, that number was 29. 33 is a fabulous, very healthy number when we only had 83 homes on the market last week. 33 sales, that is super productive there.
We also had 82 condominiums on the market. That is way down from 103 of last week. Last year at this time, that number was 117. In 2020, that number was 62. In 2019, that number was 72. And the 2018 number was 33. Again, here we are at 82. But way down from 103 of last week. We also had 20 condominiums come to the market. And we had 40 condominiums go into contract. Now that is a massive, massive number. I went back many, many months and years to find a higher number. I don’t think it is the highest, but it is right up there with the highest week of sales for condominium town-home that I’ve seen in a long, long time.
Also, very, very interesting. Something I don’t I’ve seen ever. Expires, cancels, withdrawns, number is 0. Doughnut. None. Unbelievable. And, we had 6 price reductions.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 176. That’s actually down from 186 of last week. Wow. Last year at this time, that number was 256. In 2020, that number was 161. 2019, that number was 206. And in 2018, that number was 112. Again, here we are at 176.
Still very, very low. Not like 2018. Obviously, the big difference is the condominium town-home market. But clearly, the town-home condominium market is coming back. Not that it fell off completely. It’s been coming back. But massive sales and a low inventory — it’s starting to shrink. That is a really good indicator that this market is really strong right now. For sellers, we need more listings, and guess what, they’re gonna start coming now that we’re past the Superbowl. We’ve been on a lot of presentations. People are thinking of selling their homes, so inventory is coming. Buyers, don’t worry there.
So, here we are at 176, and it’s only gonna grow from here.
Thanks for listening, have a great day. And I’ll talk to you next week.