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, Ja — February — I almost said January. Time is flying — February 7th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City is 83. That’s up slightly from 78 last week. Last year at this time, that number was 146. In 2018 — I’m just gonna jump to 2018 ’cause it’s feeling still very much like that 2018 year — was 79. So, here we are at 83. 2018, 79. We had 41 homes come on the market. Last week, that number was 33. And we had 29 homes go into contract. That’s better than last weeks 33 which was a great number. 29 is a fabulous number when we only had 78 homes on the market, single-family homes, last week. 29 of them selling, very, very healthy number.
Condominiums right now, 103 condominiums on the market. That’s up from 87 of last week. Last year at this time, that number was 111. And in 2018, that number was 33. Huge difference right there between in the condominium-townhome market. We had 42 condominiums come on the market. And 19 condominiums go into contract.
We also had 7 expires, cancels, withdraws from the marketplace, and 6 price reductions.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 186. That’s up from 165 of last week. Last year at this time, that number was 257. In 2020, that number was 160. 2019, that number was 217. And then the 2018 number, total-total was 112. Again, here we are at 186. Naturally, the big difference is the condominium-town home inventory.
Market is still — or not still, but is showing lots of signs of being super red hot, having multiple offers on the homes that are on the market right now. And we’re still just kind of getting going here. This weekend’s going to be Super Bowl. For whatever reason, after this Super Bowl weekend, the inventory and the market really starts to kick into gear even more. So, if you’re thinking of selling your home, like I’ve been saying, sooner is better than later. You want to get on the market before the rest of your competition? Buyers, good news is, hey, more inventories come on the market. Interest rates are creeping up. They’re down and up a little bit. Still very, very favorable. So, market is really operating really, really efficiently. And like I’m saying, the inventory going to start to grow even more here.
Thanks for listening, have a great day. And I’ll talk to you next week.