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Monday Morning Market Minute – January 10th, 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, January 10th 2022, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 45. That is up from 38 of last week. Last year at this time, that number was 136. What a difference a year makes. We had 22 homes come on the market. Last week, that number was only 7. Again, the first week of the year was only 7. Second week, we jumped to 22. That’s a super healthy number. And we had 8 homes go into contract.

Condominiums right now, 57 condominiums on the market. That’s up from 49 of last week. We had 16 condominiums come on the market. That is another very healthy number, especially for the second week. Market’s starting to wake up real fast here. And we had 6 condominiums go into contract.

We also had 7 homes either expire, cancel or withdraw from the marketplace, and 3 price reductions.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 102. Way up from 87. We started the year below 100. That’s always a hot, hot symbol for sellers. And only took one week to jump over 100. That’s an indicator, and like I said last week, the people who are thinking of selling their home, whoever acts first is going to receive big, big rewards. I’m telling you, now is better that later.

I also want to talk about last year, that number was 263. 2020, that number was 116. 2019, 169. And again, I’m gonna continue to do the comparison with 2018. The 2018 number on this week was 69. Again, today at 102. So, starting off great. Inventory’s coming on. If you’re thinking of selling your home, now is a great time. Start thinking about putting everything in place. Give me a call for that. And if you’re wanting to buy, good news is inventory’s starting to come back. So we can go out and take a look at some homes.

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

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