Monday Morning Market Minute – February 21st, 2022

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 21st 2022, with your Presidents Day Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 91. That’s actually down from last week’s 94. Very, very incredible. Last year at this time, that number was 139. In 2020, that number was 99. In 2019, that number was 134. And then, get this: you might be watching this show and saying, “Why does Dan keep going back to 2018 number?” Well this is very interesting: in 2018, that number was 91. Again, today, 91. We had 42 homes come on the market. Last week that number was 44. And we had 43 homes go into contract. That’s the first time in 2022 that we reached that 40-number that we like week in and week out. But with inventory so low, that is an amazing, amazing number. And in 2018, that number was 22. Here we are with 43. That is just big news.

Condominiums right now, 84 condominiums on the market. That’s up slightly from last week’s 82. Last year at this time, that number was 117. In 2020, that number was 62. In 2019, that number was 72. 2018, that number was 32. Again, here we are at 84. Big difference there in the condominium-townhome market between 2018 and today. We had 26 condominiums come on the market, and 22 condominiums go into contract. A very healthy number, but nothing like last week’s unbelievable number of 40.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 175. That’s actually down from 176 of last week. Last year at this time, that number was 256. In 2020, that number was 161. In 2019, that number was 206. And the 2018 number was 123. Again, today at 175. The big difference there is obviously the condominium-townhome market inventory.

Really, the market is super hot right now. Inventory is extremely low on the single-family home. When you look at the 84, that’s not a big number. Total-total on the how many weeks we have— you know, if nothing came on the market, from here for the next two and a half weeks, everything would be sold. We call that a two-and-a-half week market, if you’ve never heard that perspective. Two-and-a-half week market, that’s extremely, extremely efficient, and what we would call a hot sellers market. So if you’re thinking of selling your home, now is clearly a great time. Lot of different things going on. World-wide, hopefully everything goes okay with that. Interest rates are peaking. So, I hate to say it again, but I gotta say it: sooner is better that later.

Thanks for listening, have a great day. And I’ll talk to you next week.