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Monday Morning Market Minute – February 28th, 2022

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 28th 2022, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 108. That’s up from 91 of last week. Last year at this time, that number was 142. In 2020, that number was 117. In 2019, that number was 150. And the 2018 number, 98. Today, we’re at 108. The last time we were at 100+ homes on the market was November 15 of 2021. Interesting point. We also had 53 homes come on the market. Extremely healthy number. Last week, that number was 42. And we had 37 homes go into contract. Last week was 43. It was the first time we hit the 40-number in 2022. 37 homes on the market, very, very healthy. Last year that number was 36. 2020, that number was 29. 2019, that number was 26. 2018, 36. Here we are at 37. See how interesting that is?

Condominiums right now, we had 88 condominiums on the market. That’s up from 84 of last week. We had 27 condominiums come to the market. Last week, that number was 26. And we had 22 condominiums go into contract. Last week, that number was 22. That’s a very healthy number, and really very just above average in years past. So 22, great number.

We had 6 homes either expire, cancel, withdraw from the marketplace. And 7 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 196. That’s up from 175 of last week. Last year at this time, that number was 263. In 2020, that number was 173. 2019, that number was 227. And 2018, that number was 140. Here we are at 196. Again, that big difference is the condominium-townhome market inventory. But still, very healthy at 90,000 plus-minus homes, single-family homes, townhomes, condominiums — 90,000 plus-minus, probably more on the plus. 196.

So as you can see, the market is, you know, in terms of supply and demand, hot. Very, very hot. In terms of what is going on in the world stage, that’s very interesting to see how that may affect our marketplace. Right now, it’s not affecting our marketplace. Interest rates though are seeming to pause at the moment because of I think what is happening on the world stage. So, with more inventory coming, better for the buyers. Still a very healthy, efficient market going on here on the mid-peninsula.

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

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