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, February 15th 2021, with your Presidents Day Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 139. That’s down from 146 of last week. Market is hot. Last year, this time the number was 99. In 2019, that number was 134. Today 139. Very interesting how we’re kind of emulating the 2019 numbers at the moment. We had 44 homes come on the market. That’s bigger than last week’s 35. Last year, this time, the number was only 19. And we hit 43 homes that wanted to contract with first time this year, we hit the 40 marker. That just shows again, the market is really — there are plenty of buyers out there. Interest rates are really low. Market is moving fast. Last week, that number was only 31. 43 this week. Last year this time, that number was 33.
Condominiums right now, 117 condominiums on the market. That’s up from 111 last week. Last year, this time that number was 62. Again, that difference is still there. We had 26 condominiums come on the market. And we had 12 condominiums go into contract. Last week that number was 17. 12, 13, 14, 15 higher, seems to be a better number. But I think that the market is seeing — the condominium-townhome market is seeing that they’re starting to sell, that markets waking up. So more people are putting that product on the market.
So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 256. That’s down from 257 of last week. Last year, this time that number was 161. So we had 44 homes come on the market and 43 going to contract. That is very, very indicative of how hot this market is. I mean homes, the days on market number is down. I’m almost thinking some people need to slow down a little bit because there’s more buyers are just not getting the chance to get in the car to go take a look at the home ’cause it’s already sold. So if you’re thinking of selling your home, clearly it’s a great time. So now would be a good time to get together. Talk about how to get the home prepared to go on the market. Talk about what can happen for you.
Thanks for listening. Have a great day and I’ll talk to you next week.