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 8th, 2021, With your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now was 146. That’s up slightly from last week’s 141. Last year this time that number was 111. And in 2019, that number was 138. We had 35 homes come on the market last week, the number was 36. We also had 31 homes go into contract. Last week, the number was 32. Again 31. Last week, 32 still a healthy number. I normally say I like to see 40 but inventory is really low. The inventory that came over from 2020 is still stale, the what the stuff that’s still out there.
So the new stuff that’s coming on, it’s getting sold, and 31 is actually a very good number condominium 111 condiments on the market that’s down again from 117 of last week. Now the condominium townhome market is consolidating, when normally right now it starts to expand. That’s a leading indicator for sure. But we’ll continue to watch that we had 18 condiments come on the market and we had 17 economies’s going to contract. Last week, the number was 18. And so 17 still a very good healthy number right there.
We also had 19 homes either expire, cancel or withdraw from the marketplace. And we had 15 homes reduce their price. Last year, that number was 11. And in 2019, that number was 10. So a little bit more homes reducing their price. So total total from South San Francisco to Redwood City, single-family homes and condominiums inventory is 257 that is down by one last week’s 258 last year this time that number was 160. Again, though, the big story is the condominium townhome inventory at 111. Because last year, the condominium inventory was 59. In 2019, the inventory for the condominium townhome market was 79. So that’s really making a big difference.
So last week, the number was 258 total total. This week, we’re at 257. And the market continues to show absolute resiliency, it’s obvious it’s a seller’s market still, and it’s just heating up I mean with 146 homes on the market, single-family. Remember from Redwood city to south city, there are roughly 60,000 single-family homes and out of 60,000 was 146 for sale. That’s like nothing, obviously.
So if you’re thinking of selling your home, now is really a great time to jump in the game and bring the inventory that we’re all looking for because buyers are out there, interest rates are low. Buyers are ready to fight you know, they’re looking in their specific areas. And right now on the internet, there are buyers looking in your neighborhood waiting for your home to come on the market. So give me a call. I’ll help you do that. I’ll help your home get prepared to go on the market and to receive multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.