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 1st, 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 141. That is down from 148 of last week, that’s great news. Last year, this time, the number was 87. Still a big difference there. In 2019, 129. So I’m just bringing up 2019 because I’m trying to see if there’s some pattern with the 2019 market to the 2020 market. Only time will tell. We had 36 homes come on the market. Last week, that number was 40. And we had another 32 homes go into contract. Last week, that number was 32. A very healthy number for the inventory that we do have on the marketplace, right now.
Condominiums, 117 condominiums, that inventory is down again two weeks in a row from 120 of last week. Last year this time, that number was 50. July 16, 2020, we were at 115. So we had to go all the way back to July of last year to find that number for condominium-townhome inventory. We had 17 condominiums come on the market. That’s a little lower than last week’s 23. Last year, 14 came on last week, same time. We also had 18 condominiums go into contract. Last week, that number, remember, the whopping 35. Still 18 is a great number. Last year, this time the number was 15.
We also had 17 homes either expire, cancel or withdraw. That’s a pretty big number. And I’ve been talking about the inventory that came over from 2020 how it’s stale. So we’re having some people thinking, ‘Hey, you know, it’s not going to happen.’ And they’re taking the homes off the market. Last year this time, the number was only 6. We also had nine homes, reduce their prices. Last year, that number was 1 and then 2019, that number was 9. Very interesting.
So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 258. That’s down from 276 of last week. That’s just a big story right there. Last year, this time, the number was 137 and 2019, the number was 206. So today at 258. Last year 137. 2019 was 206. Also last year, the inventory dropped week over week. Last year, the same time, inventory also dropped. Very interesting.
So what’s going on with the market is clearly operating very efficiently. We are needing more inventory. So if you’re thinking of selling your home, like I said last week, now is still a fabulous time to put your home on the market. Last year, next week, we had a huge spike in inventory. Will that happen again? And so if you’re thinking of selling your home, you want to be ahead of that spike, if you will. Inventory is only going to rise. It happens year in and year out in terms how we start low and when we go up when we go back down. So inventory is only going to naturally rise. So if you want to get the highest price for your home, you want to go out on the market when there’s less competition. Obviously, that makes a lot of sense. Supply and demand. Not a big secret there. So if you’re thinking of doing that, naturally, we’d love to help you and talk about it.
Thanks for listening. Have a great day, and I’ll talk to you next week.