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 22nd 2021, with your Monday Morning Market Minute. Had to think about that a little bit.
That’s the last Monday of February. Oh my God, the time is already flying. Okay, single family inventory from South San Francisco to Redwood City right now is 142. That’s up slightly from last week’s 139. Last year at this time, that number was 117. In 2019, that number was 150. We had 43 homes come on the market. Last week, the number was 44. Last year, this time the number was 38. We also had 36 homes go into contract. Last week, that number was really healthy at 43. Now we had a lot of sales. So 36 is still close to that 40 number that I like to see and really a healthy number. Last year, this time, the number was 29. In 2019, 32. Very interesting.
Condominiums right now, we have 121 condominiums on the market. That’s up from 117 of last week. Last year, this time, that number was 56. In 2019, that number was 77. Again, that story continues to show what a difference the condominium market is but there’s a lot of good information, good healthy information coming for the condominium market. Hence, the 23 condominiums that came on the market. And we had 18 condominiums going to contract. That’s a really good number. Last week, that number was 12.
We also had 10 homes either expire, cancel, or withdraw from the marketplace. Last year, this time the number was 7, and in 2019, that number was 7. And we also had 11 price reductions. Last year at this time, the number was 12.
So total total from South San Francisco to Redwood City, single family homes and condominiums, inventory is 263. That’s up from 256 of last week. Last year, that number was 173. And in 2019, that number was 227. Today, again, 263.
Now, you know inventory is still growing a little bit, but still low. Interest rates have bumped up a little bit. So that could create some more urgency with our buyers that are out there. Still plenty, plenty of buyers. Also is the interest rates going up is that a new leading indicator of way down the road — thinking way down the road of inflation. If inflation starts happening again, that would be way down the road, just kind of, you know, just thinking, then prices would obviously rise again. So if you’re thinking of buying a home, take advantage of interest rates are now before they possibly go up even more and prices go up anymore. And again, sellers if you’re thinking of selling your home, now is clearly showing me a great time. We wrote a few offers last week on different homes, multiple offers everywhere. Again. Very, very, very healthy.
Thanks for listening, have a great day, and I’ll talk to you next week.